Metic Group seeks GBP 3 million from flotation

Metic Group, one of the largest specialist glazing firms in the UK, is seeking GBP 3 million from a flotation early in November 2008 in a move giving it a market value of about GBP 50 million.
The co…

Metic Group, one of the largest specialist glazing firms in the UK, is seeking GBP 3 million from a flotation early in November 2008 in a move giving it a market value of about GBP 50 million. The company has been built by buying companies and putting them together. It has so far completed three specialist glass deals since being founded in January 2007 and now boasts a portfolio of companies whose clients include developers such as British Land, Land Securities and Hammerson, and architects such as Fosters, Aukett Fitzroy Robinson and Chapman Taylor. Projects undertaken by the firm“s businesses include those for the Bluewater Shopping Centre in Kent, stands at Ascot Racecourses and the new British Airways headquarters at Heathrow. Future projects include the Olympic site in London. At the moment, the company says it has an order book worth GBP 50 million in revenues and a pipeline of new projects, worth a further GBP 50 million, extending into 2009. The commercial propety market is in difficulty and likely to get worse as the recession deepens. However, many of the Metic contracts are Government-backed and analysts say the firm could benefit from plans to accelerate construction to hold off the worst of recession. It has no residential exposure. The firm is looking to expand abroad. Further growth will come from bolt-on acquistions and moves into areas such as energy efficient buildings. The company is also offering design consultancy and maintenance services. The three businesses are Portal, a specialist in thin glass; Space Decks, which builds steep supported glass roofs, and Melway Glass Assemblies, a builder of custom-made vertical glass facades. All were acquired by Metic earlier in 2008. The company is the brainchild of Irish entrepreneur Philip Marley who is the non-executive chairman. The chief executive is Stephen Field, 53, a civil engineer and accountant by training with more than 20 years experience in the sector.