The founders of one of Britains biggest sellers of investment products will share more than 550 million by taking their own gamble on the stock market.
Stephen Lansdown and Peter Hargreaves will float Hargreaves Lansdown, the business that they set up 25 years ago, at the end of May, they said yesterday. The Bristol-based firm is expected to be valued at between 650 million to 700 million. At the top end of this range, they would pocket nearly 70 million each by selling a quarter of their respective 40 per cent share-holdings. Their remaining stakes would be valued at more than 200 million.
Financial advisers to net 550m from IPO
Hargreaves Lansdown, one of the UK's largest firms of financial advisers, unveiled plans yesterday for a 700m flotation on the London market - a move which will see each of the company's two founders cash in some 70m of their equity in the company.
Founders to net 70m each in Hargreaves Lansdown float
You don't often see a former Labour minister and a former Tory minister on the board of the same company. AFC Energy, the fuel cell company due to join the Alternative Investment Market later this month, has Tim Yeo, ex-Conservative environment minister, in the chairman's seat and Brian Wilson, once Tony Blair's energy minister, as a non-executive earning annual fees of 30,000 and 20,000 respectively.
Meanwhile, readers can expect to see AFC Energy, with Messrs Yeo and Wilson aboard, admitted to AIM next week. The company hopes to raise 3m of new money which it will use to develop and produce an alkaline fuel cell system. It hopes to be able to make its system at a significantly lower cost than any other, allowing it to become commercially viable.
Former Labour and Tory ministers fuel AIM launch