Eurovein plans to float in November

EUROVEIN, the Sheffield-based specialist engineering company, is planning a November flotation that should value the company at just under pounds 30m, writes Gail Counsell.

The placing, sponsored by the broker Albert E Sharp, is designed to raise around pounds 14m in new funds for the niche engineering group.

Eurovein's main operating subsidiaries were formerly part of Tyzack, Bill Eastwood's engineering group, which was the subject of a leveraged buyout by GSM in 1989. Mr Eastwood, who resigned following the buyout, founded Eurovein, and when GSM went into receivership, he bought back the principal Tyzack businesses from the receivers.

In the year ended 31 July, Eurovein made operating profits before goodwill amortisation of pounds 2.6m ( pounds 1.6m) on sales of pounds 35.7m ( pounds 29m).

Net pre-tax profits were pounds 1.1m before and pounds 600,000 after goodwill amortisation.