Brunswick to handle bookie’s LSE listing

William Hill, the UK’s second-largest bookmaker, has hired financial PR agency Brunswick to launch its second attempted flotation on the London Stock Exchange.

William Hill, the UK’s second-largest bookmaker, has hired

financial PR agency Brunswick to launch its second attempted flotation

on the London Stock Exchange.



The appointment was made after a three-way competitive pitch which also

included Citigate Dewe Rogerson and Grandfield.



William Hill intends to float its business on the LSE at the end of this

year or early in 2001, having abandoned its original IPO launch last

February.



Financial Dynamics was appointed to handle William Hill’s last flotation

attempt, which was cancelled due to lack of institutional investor

interest.



FD director Andrew Dowler said the agency was approached by William Hill

for this year’s IPO, but could not repitch having been appointed by

rival bookmaker Coral Eurobet in February to launch its listing on the

LSE.



Japanese investment bank Nomura, which owns William Hill, made a

last-minute decision to pull out of the flotation last year, following a

more attractive buy-out offer from UK venture capital firms Cinven and

CVC Capital Partners.



William Hill, which is being advised by investment bank Schroders

Salomon Smith Barney, also scrapped intentions to spin off and float its

internet and telephone betting operations in April, deciding instead to

float the business as a whole.



It is expected that William Hill’s flotation price will be at a

significant premium to the pounds 825 million price paid last year by

Cinven and CVC for the business.



Financial services group Warburg attempted to float William Hill last

year at pounds 900 million.



The bookmaker now operates about 1,530 betting shops and takes 50,000

bets a week on its on-line operation.



Brunswick, whose current client list includes Airtours, Cable and

Wireless and WH Smith, refused to confirm the win.



Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in