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Carter & Carter plans flotation

Retail training and consultancy specialist Carter & Carter is planning a £80 million flotation estimated to net its founder £28 million.

Carter & Carter may become the London Stock Exchange's first new full listing of 2005, with the market expecting it to raise up to £20 million when it shares are launched early in February. Chief executive and founder Philip Carter expects to retain a 25% stake, worth about £20 million, in the company, reported the London Evening Standard yesterday.

The venture capital firm Bridgepoint may make almost £30 million from selling its 47% stake in Carter & Carter if shares reach the vendors’ estimate, and will redeem £2 million worth of debentures. Bridgepoint has invested £10 million in Carter & Carter since 2001. The company’s managers are expected to be left with a 7% shareholding.

Philip Carter started the Peterborough-based business in 1992 with a contract with Vauxhall Motors. The group now has clients among 26 vehicle brands, supplying 600 sales and technical staff on contract to client manufacturers and providing training courses for 5,000 apprentices in its EMTEC technical training division, the result of acquiring the EMTEC group of companies with HBOS backing in mid-2003.

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