Buchanan wins Carter & Carter flotation account

Car mechanic training firm Carter & Carter has drafted in Buchanan Communications to handle financial PR around its full stock market flotation.

Buchanan wins Carter & Carter flotation account
Buchanan wins Carter & Carter flotation account

The company, which could have a market capitalisation of up to £80m, announced on Monday that it would float on the London Stock Exchange’s main market.

Buchanan director Mark Edwards is leading the account and will report to C&C chief executive Phillip Carter, who founded the company in 1992 and is selling just under half of his 46 per cent stake.

Private equity firm Bridgepoint, which owns around 47 per cent of C&C, is using the flotation to abandon its investment.

Once the listing is completed, Carter will retain a one-quarter stake with other management holding a further seven per cent and the remainder of the shares sold on the open market.

Marketing activity for the offering is expected to start at the end of next week, according to the company.

C&C trains mechanics and sales people for car dealerships, though the company also carries out sales, marketing and technical activities for 26 vehicle manufacturers and brands, including 18 of the top 20 in the UK, such as Volkswagen, Audi, Nissan and Toyota.

The company employs around 600 people and last year had a turnover of £38m with an operating profit of £7m. Promotion of the share

offer will stress C&C’s organic growth and the benefits of its 2003 acquisition of EMTEC Holdings.

C&C has used the purchase to expand into modern apprenticeships targeted at 16 to 19-year-olds. C&C provides 18 of the UK’s 23 vehicle Modern Apprenticeship Programmes.

Last year, EMTEC opened a centre in Newport in South Wales, which it hopes to position as the Welsh car industry’s centre for technical expertise and training.

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