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Cambria seeks AIM listing

Cambria Automobiles boss Mark Lavery says the AM100 group is seeking an AIM listing, not to raise money, but to establish a track record in the City for its decentralised management process.

He told AM the group has aspirations to “grow substantially”.

“Our strategy for entry to the AIM is for access to capital should it be needed. It is not a means to raise immediate funding. Although should we need it will be easier to access,” said the chief executive of the planned April 1 float.

“We will grow value for our shareholders, but we will not pay dividends in the immediate future, but reinvest the money to grow the business.”

Lavery described the Cambria balance sheet as “robust”, allowing the group to move quickly on its on-going acquisition strategy.

“Our industry is very fragmented at the moment, but over three-and-a-half years of trading we’ve shown that our model of decentralised business – empowering local managers to act as de facto financial directors and de facto MDs – is robust,” Lavery said.

The company is understood to be issuing 100 million shares at 50 pence each.

Private equity business Promethean – which owns more than half of the group - would hold a third in the company once the group was listed on London’s junior market.

Of current trading conditions Lavery said Cambria is trading “reasonably well”. 

“The second half of the year will be difficult, but we have ridden the recession well and we are in discussions with a number of parties about further acquisitions.”

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