Logistics firm Clipper is to float on the London Stock Exchange as part of “ambitious growth plans” in Europe, the company has said.
Clipper, which serves a number of major UK fashion brands, is looking to use the revenue generated from the listing to fund expansion of its logistics operations in continental Europe, particularly in Germany, which it has identified as a key strategic market.
The IPO process will be completed by the end of June. Clipper’s founders, including chief executive Steve Parkin, will relinquish a portion of their shares but will still remain the joint majority shareholders with a 50.1% stake.
Parkin, who set up the company in 1992, will remain the largest single shareholder. Other founders include chief information officer Sean Fahey.
Clipper is seeking to increase its presence in the relatively immature ecommerce markets of continental Europe and is investing heavily in its logistics infrastructure to cope with the anticipated uplift in online sales.
In the UK Clipper serves fashion retailers including SuperGroup, Asos, John Lewis and New Look, as well as supermarkets Tesco, Morrisons and Asda.
Parkin said: “We are extremely excited about this next phase in the company’s development. With our detailed understanding of the e-fulfilment and returns markets, and the evolving needs of customers in these areas, we have increased market share with customer loyalty based on delivering a high-quality service.
“The IPO is the next landmark in the exciting development of Clipper, providing a platform for management to accelerate growth”.