Thursday, May 16

Software program firm Smoove set to hitch London inventory market exodus

A conveyancing software program maker is in talks to hitch the rising exodus of firms from the London inventory market.

Sky News has learnt that AIM-listed Smoove has obtained a number of takeover approaches from unnamed suitors.

City sources mentioned on Monday that the corporate was engaged in discussions with at the least one potential purchaser.

Smoove is a minnow in market capitalisation phrases, with a valuation of lower than £20m.

It says its mission is to “revolutionise home-moving and ownership”, and had gross sales of simply over £10m within the first half of its monetary 12 months.

The firm made a pre-tax lack of £3m within the six months to 30 September.

Nevertheless, the information that it has obtained bid approaches provides its title to the queue of London-listed firms in talks about takeovers.

In current weeks, Dechra Pharmaceuticals and THG, the proprietor of Lookfantastic and MyProtein, have disclosed talks about bids from non-public fairness corporations.

John Wood Group, the oilfield providers supplier, has additionally entered discussions about a proposal from Apollo Global Management.

A Smoove spokesman declined to remark.

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