International law firm Simmons & Simmons has advised CMO Group on its IPO and listing on the Alternative Investment Market (AIM) of the London Stock Exchange, with a valuation of £95m at the IPO price. £45m was raised under the IPO and the company’s shares were admitted on 8 July.
CMO Group is the UK’s largest online only retailer for building materials, which delivers expert advice and building solutions to customers across the country under brands like Total Tiles and Drainage Superstore. The funds raised from the IPO will be used to reduce debts and drive future growth.
The Simmons team advising on the listing was led by corporate partner Patrick Graves, supported by associates Charlotte Brearley and Ed Robson. The work on this listing builds on Simmons’ impressive track record of acting as trusted advisors to high-growth, digitally-savvy businesses as they take their first steps as public companies.
Commenting on the IPO, Patrick said: “Throughout the pandemic, CMO Group’s asset-light business continued to grow strongly as customers repeated their business with the brand and its trusted method of service. With the AIM IPO market continuing to flourish, many businesses are taking advantage of the opportunity to increase cash flow and drive ambitious business growth.”.
On working with Simmons, Dean Murray, the CEO of CMO Group, said: “Patrick and his team provided vital support to us as we approached our listing on the AIM. As the first-movers in our industry there were some unchartered waters, but the Simmons team navigated these alongside us to a very successful outcome. We are now able to advance with the next phase of our strategy, utilising the proceeds of the listing to meet our ambitious objectives.”.
