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M and M Direct next to launch IPO

Off-price etailer M and M Direct has announced plans to float as it brings in former N Brown boss Alan White as chairman.

M and M Direct is looking to list on the London Stock Exchange’s Alternative Investment Market (Aim) and is being advised by Canaccord Genuity and Investec. The initial public offering (IPO) thought to value it at between £140m to £170m.

White will take the reins as chairman following the IPO later this summer.

It was reported in March that private equity parent company TA Associates was looking to offload the business, either through a sale or an IPO.

In a statement to the market this morning, M and M Direct chief executive Jonathon Brown said: “We are well positioned to benefit from the trend towards online retail and have a clear strategy to develop and expand our UK and European businesses. This listing will give us the opportunity to accelerate our growth.”

White added: “M and M Direct’s management team has built a leading online off-price retailer and is highly regarded by its suppliers.

“I am delighted to be involved at this stage of its development and am looking forward to working with the high-calibre executive team and board.”

 

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