Diss-based firm Midwich reveals intention to float on AIM
- Credit: Archant 2013
A major technology distributor with employs more than 400 people at its Diss base is taking a step into public ownership by floating on AIM.
EDP Top100 firm Midwich Group, which turned over £280m in the year to December 31, 2014, has set a date for May 6 for the float on the junior stock market.
A spokesman for the company said: 'Midwich is a strong and market leading AV distributor and directors believe that the IPO will provide an excellent platform support to group's ongoing growth and investment.
'The proceeds will be used to partially pay down debt under the group's existing facilities, complete the funding of a prior acquisition as well as providing a partial realisation of their investment in the group for the existing shareholders.'
Midwich, which said it has relationships with more than 300 vendors, including blue-chip organisations such as Samsung, LG, Epson and NEC, has more than 10,000 customers.
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It was originally founded by husband-and-wife team David and Ruth Watson, but has since undergone several changes of ownership.
It started off assembling BBC computers and distributing computer components in 1979 and then moved on to printers.
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In the mid 1990s it then got into audio-visual products at the start of the office projector boom in the UK, which was when current managing director Stephen Fenby came on board.
Midwich is being advised by Mills & Reeve.