- Princes Group - leading manufacturer known for producing
tinned tuna and Napolina tomatoes - lists on London Stock
Exchange in major vote of confidence in UK's capital
markets.
- The IPO will help drive growth and investment in key
sectors – reflecting the Government's modern Industrial
Strategy and Plan for Change.
- Business and Trade Secretary calls Princes
Group a ‘Great British success story' and calls for
more firms to follow in their footsteps.
In a major vote of confidence in UK capital markets, Princes
Group has listed today on the London Stock
Exchange (LSE) in a move that cements the
City's position as a leading hub for global
capital.
Today, Business Secretary joined Princes
Group at the LSE for its market
debut, where he delivered a speech and
championed the long-established company as a “great
British success story”.
The listing on the LSE of the manufacturer of some of Britain's
best loved brands is a boost for the government's modern
Industrial Strategy and will help leverage further
investment into the UK, in particular the
food and drink and advanced manufacturing sectors.
The news builds on Make UK and RSM UK's positive
findings this week that more than a third of manufacturing firms
will accelerate investment projects as a direct result
of the government's modern Industrial Strategy.
London is making a strong comeback following the government's
capital market reforms, which includes modernising UK listing
rules to provide firms more flexibility to raise
capital, reforming the rulebook for wholesale markets
to improve liquidity for UK listed companies, as well
as cutting paperwork and making it easier for companies
to raise larger sums.
It follows a trend of more companies turning to
the City to list and raise capital,
including Shawbrook, Metlen, Fermi and The Beauty Tech
Group - and more expected to follow.
Business and Trade Secretary said:
The London Stock Exchange is a renowned global
trading hub and the Princes Group is a
great British success story. The firm's decision to list is
not only a huge vote of confidence in this Government's
reforms to capital markets but in British business.
With the FTSE 100 continuing to trade close to all-time
highs, we're making sure
the UK is the best place in the world for
businesses to start, scale, list and stay.
I want this to just be the start – with more firms
following in their footsteps and choosing London as the
financial home for their thriving futures.
Angelo Mastrolia, Executive Chair of Princes
Group said:
Choosing to list in London is a natural step for
Princes group. Around 70% of our revenues come from the
UK, which remains our largest and most
dynamic market.
London offers deep liquidity, a world-class regulatory
environment, and access to a broad international investor base,
making it the ideal home for our next stage of growth.
London remains the first listing choice for UK and
international companies, with 91% of UK-incorporated public
company IPOs listing in the UK between
2017–2022. London is also a leading hub for
global capital and the largest equity capital market in Europe,
consistently ranking among the world's top exchanges and
outperforming all other European centres every year for the past
two decades.
With thousands of employees working at Princes Group facilities
across the UK, including its HQ at the iconic Royal Liver
Building in Liverpool, today's announcement delivers a
significant boost for the workforce and reinforces support for
local communities and future growth.
Since entering office, the government has
been focused on restoring economic stability and encouraging
British businesses to grow and expand to reach their
full potential, backing the Plan for Change.
Notes to editors:
- Please see the Make UK/RSM survey here.
- On capital markets reforms, the government is modernising
listing and prospectus rules to make it easier for firms to IPO
and enabling UK listed firms to grow in the UK by removing the
rules that were getting in the way of companies raising further
capital.
