Gas chief to lead Dyno-Rod float

Dyno-Rod, the famous drain maintenance company, yesterday set out details of its planned flotation on the junior AIM, including the management team that are buying in to run the company.

Dyno-Rod, the famous drain maintenance company, yesterday set out details of its planned flotation on the junior AIM, including the management team that are buying in to run the company.

Kevin Mahoney, a former British Gas executive who was most recently part of the management team that sold Electricity Direct to Centrica, will run the new Dyno Group, which is buying Dyno-Rod and its associated businesses from their 74-year-old founder, Jim Zockoll.

Mr Mahoney said: "Dyno-Rod is the leading brand in the market and a household name. There is a tremendous opportunity to reinvigorate the brand and drive significant growth in both existing and new services for our customers."

The business will float with a valuation "in the region of £60m", and Seymour Pierce has been appointed to raise up to £45m in equity. Mr Zockoll, who set up Dyno-Rod in south London in 1963, is expected to hold a stake in the listed company.

Mr Mahoney and his colleagues will also buy shares. The finance director will be Mike Vincent, previously finance director at PwC, while Byron Woodmansee, formerly of Electricity Direct, will be chief operations officer.