The company which handled the administration of cake shop Patisserie Valerie and helped with the liquidation of electricals retailer Comet is to float its shares on the UK stock market.
Shares understands that FRP Advisory will soon confirm plans to list on the London Stock Exchange with the intention of raising up to £30m. It is expected to be valued in the region of £200m and its closest listed peer will be Begbies Traynor (BEG).
As well as corporate restructuring, FRP specialises in corporate finance services including advice on takeovers, as well as helping companies to raise and refinance debt.
FRP took over from KPMG with the administration of Patisserie Valerie last summer to pursue legal claims against the cake shop’s auditor Grant Thornton, as well as former directors and advisers of the business which nearly collapsed after an accounting scandal.
Last December FRP was appointed as the administrator of Koovs, the former AIM-quoted fashion retailer which tried to be the ‘Asos of India’. It also handled the administration of another company which used to trade on the AIM market, Flowgroup.
FRP is seen as benefiting from watchdog pressures on the big four accountancy firms to stop offering consulting services to large audit clients so as to avoid any conflicts of interest.
It is expected to use any new money raised at the stock market listing to fund expansion plans which will involve hiring more people and obtaining a national presence in the UK.
