Workplace Technologies flotation expected to raise pounds 20m

Workplace Technologies, the former UK customer service division of ICL which was bought out by its management in1995, is to float on the stock market later this year with a value of pounds 45m-pounds 50m.

The float will raise around pounds 20m through a placing with institutions. About half the proceeds will be new money and half will come from the holdings of existing investors.

Venture capitalist 3i holds 46 per cent and BZW Private Equity 27 per cent. Andrew Vaughan, the managing director, Steve Kent, the finance director, and Andrew Bridson, the marketing director, each own around 7 per cent and the chairman, Philip Sellers, owns 1 per cent of the company.

Holders will cash in about one-third of their holdings and 5 per cent of the enlarged equity will be allocated to a sharesave option scheme and a discretionary option scheme to be used as a staff incentive.

The company said the proceeds would finance future growth and possible acquisitions.

The group designs and installs network cabling systems to support data, telephone, video and screen-based communications for large companies.