 continue in 2021.

That IPO activity is set to be spearheaded by tech companies. Mark Clephan, partner for  promising to see 25 per cent of total funds raised in 2020 attributed to technology IPOs.

“These are likely to become increasingly prominent with FinTech, Tech and BioTech sectors expected to be key growth sectors for the IPO market in the future.”

He added: “I expect that we will see new IPOs from North West tech businesses over the next two years.

speculation that Blackburn-headquartered EG Group is considering an initial IPO that could value the global convenience retailer at more than £10bn.

The business operates convenience stores, foodservice outlets and fuel stations at more than 6,000 sites in 10 countries including the UK and Ireland, the US, Australia, Germany, Italy, France and Benelux. Group sales exceeded £17bn in 2019.

According to reports late last year early conversations with banks had taken place with a possible listing in the US.

Looking to the year ahead, we can expect 2021 to be a very strong year for the UK IPO market

Mark Clephan

“Looking to the year ahead, we can expect 2021 to be a very strong year for the UK IPO market.

“An uptick in IPO activity may well intensify the competition for investment, placing greater emphasis on preparing early for IPO and raising 

 deal now giving clarity around the future relationship with Europe and the roll out of Covid-19 vaccinations.”

And it may not just be tech companies looking 

EG Group, created and grown by brothers Mohsin and Zuber Issa and jointly owned by them and TDR Capital, made no comment, though sources say it has been no secret that an IPO might be considered at some point.

And expectations of such a listing were raised  Rose as non-executive chairman.

 roles at Argos, Arcadia, Marks and Spencer and Ocado, often serving during times of mergers and acquisitions.

Lord Rose, who steps down as Ocado chairman in May, said: “The business has exciting development plans and exceptional prospects in the years to come.”

TDR Capital partner Gary Lindsay said Lord Rose’s recruitment was “a clear signal of our ambition for EG Group”.


by Rebecca McCann Forbes solicitors

As with the rest of the UK on March 23 last year the brakes were put on the corporate world, with many deals immediately being put on hold while we waited to see what the new way of life looked like.

At Forbes the corporate team noticed a dip in work during March and April whilst everyone got used to the “new normal” of business at home. However, a lot of businesses soon realised that they could not sit this out and wait. Since then things have started moving again and we have not seen the same pause on transactions during this latest lockdown.

While the pandemic has forced a new way of remote working on  historically subject to and opening up a new client base, it has also  Covid-19 as part of M&A transactions.

Buyers now need to be investigating the short and long term effects of Covid-19 as part of their due diligence. And they need to be considering the associated risks, on top of the usual “pre-Covid” enquiries and requesting appropriate warranties and indemnities. The new risks are also impacting things such as funding, with lenders having a stricter approach including additional security requirements.

Practically, remote working has had its own hurdles. We have  to adapt which has had a knock-on effect on transactions. Whether it is collating information to disclose, dealing with third parties in relation to funding, formalities surrounding completion and post-completion 

 working and expect it is here to stay, with remote working making 

Separate from their EG business, the Issa brothers and TDR agreed last October to buy a majority stake in Asda from Walmart in a deal valuing the supermarket group at £6.8bn.

Following the completion of the acquisition, EG Group will acquire Asda’s forecourts operation in a £750m deal set to be completed in the second quarter of 2021.

Tremayne Ducker

 at Zeus Capital, believes there is a “strong appetite” for IPOs in the North West, from both company shareholders and investors.

He said: “We’ve been approached by a number of businesses in the region that are actively considering a move to public markets, ranging from private and family-owned businesses to companies that have already received private equity or venture capital funding.

“This appetite is being driven by a general    being encouraged by liquidity in the markets.

“We predict that the momentum towards IPOs in the North West will continue to grow in parallel with the national appetite.”




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