Elixirr goes public to take the consultancy 'to the next level'

10 July 2020 Consultancy.uk 3 min. read
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Management consultancy Elixirr has sought to bolster its growth track by going public on the London Stock Exchange. Elixirr’s AIM listing is hoped to secure the capital necessary to accelerate its expansion strategy, while seeing all of the firm's 140 consultants and staff become shareholders in the company.

Founded in 2009, Elixirr has worked with over 150 clients in 25 countries across Europe, North America, Africa, Asia and Australia. Listed by the Financial Times FT1000 as one of the fastest growing management consultancies in Europe, the company has rapidly diversified its client base by industry and geography, with a focus on forging long-term relationships with clients.

Built on a culture of entrepreneurship, the challenger consultancy is looking to take its growth track to the next level, by listing itself with AIM on the London Stock Exchange. A statement from Elixirr suggested that admission to the exchange “will help to strengthen our position in international markets, raise the profile of the Elixirr brand and acquire new capabilities,” while helping to instil a sense of ownership among its employees, as it will see all employees become shareholders of the firm.

Elixirr goes public via London Stock Exchange

Stephen Newton, founder and chief executive of Elixirr, said of the news, “Listing on AIM marks an incredible chapter in Elixirr’s story. Not only will it give us the platform to accelerate our growth plans, but it will further the ownership mentality within our team.”

“Admission to the exchange will further support our reputation as the challenger consultancy and ambition to become a world-leading consultancy, and provide the capital to accelerate our integrated strategy, building on the great platform we have created.”

Elixirr currently has offices in the UK, Australia, South Africa and the United States. “This huge achievement is a culmination of the exceptional work of our entire team,” said Newton.

Elixirr’s public listing with AIM on the London Stock Exchange is the first IPO since the start of the coronavirus lockdown in the UK. Despite the slow economy, there was high interest for the consulting firm; the placing was over-subscribed, according to Osborne Clarke, legal advisor to Elixirr on its IPO.

The initial public offering raised gross proceeds of £25 million for Elixirr and selling shareholders (the partners), giving the firm a market capitalisation of £98 million.

Having recently celebrated its 25th anniversary in business, the Alternative Investment Market has admitted over 3,800 companies since its launch in 1995, raising a combined £118 billion in equity capital over that period according to recent research by Grant Thornton. In 2019, AIM-listed companies contributed £33.5 billion gross value added to UK GDP, and directly supported more than 430,000 jobs.

Osborne Clarke's team that advised on the IPO consisted of Jonathan King, Ed Nisbet, Oliver Woods and Stuart Miller, Ed Grey, Michael Carter, Rhiannon Jones and Lara Flynn. Penningtons Manches Cooper advised on the firm’s pre-IPO reorganisation. Its team was led by David Kendall, Richard Price and Danielle Broadhead.