Major event supplier Arena Group announced this morning that it intends to list its shares on the London Stock Exchange. The company is raising a total of approximately £60 million from UK and international institutional investors and listing will help fund the future growth plans of the business.
Arena Group is a global business with operations in the UK, Europe, Middle East, Asia and the Americas. Current clients include The All England Tennis Club (Wimbledon), The R&A, Henley Regatta, the Jockey Club, Abu Dhabi Sports Council, the European Tour, The Ryder Cup, the US Open and the PGA Championship. The Group provides a wide range of products and services from the installation of temporary structures, interior fit out, demountable seating and project management, to the installation of ice rinks, high end catering equipment and event furniture.
To support the listing on the London Stock Exchange Arena Group has boosted its Board of Directors. Kenneth Hannah has been appointed chairman. Kenneth is also chairman of Aggreko plc and Inchcape Plc. Ian Metcalfe has joined the Board as a non-executive director. Ian is currently Chairman of Commonwealth games England and a member of the Rugby Football Union Council.
Commenting on the listing Greg Lawless, Chief Executive Officer, said: “I am delighted to announce that our plans to apply for Admission to Aim are moving ahead as it marks a key milestone in the development of the Group. We believe the Listing will not only raise our international profile but will also enable us to provide additional incentives, by way of a share option scheme, for our senior executive team around our global operations.”
“The new funding leaves us with a significantly stronger balance sheet and provides us with the necessary funding (as well as access to further capital) that will help us to continue to grow the business both organically and by way of potential acquisitions. We are very fortunate to have a loyal and dedicated workforce of 750 employees across our 14 international bases and the successful floatation of the Group is a testament to their hard work and support going back many years. We look forward with confidence to this next stage in Arena Group’s development,” he continued.