google-site-verification: googlec7193c3de77668c9.html

Former IPO candidate Fruugo hires bankers to explore sale | Business News

An online marketplace which had been considered a prime candidate to float on the London stock market has hired bankers to pursue a sale.

Sky News has learnt that Fruugo, which counts the former Marks & Spencer chairman Lord Rose of Monewden among its shareholders, is working with DC Advisory on options for its future.

Fruugo, which helps consumer brands localise themselves when selling to international audiences, was founded in 2006.

An outright sale is said to be the likeliest outcome, although the sale of a minority stake is also expected to be considered.

Money latest: Reaction as Bank of England holds off on rate cut

Acquired by its chairman, Dominic Allonby, in 2012, it employs about 200 people.

On Thursday, the company was due to be presented with The King’s Award for Enterprise (International Trade) by the Lord Lieutenant of Cumbria, where it is based.

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

Fruugo’s valuation in a potential sale is unclear, although it was expected to seek a valuation of several hundred million pounds in 2021, when it examined a London listing.

A flotation is no longer thought to be on the cards.

Fruugo’s platform hosts thousands of retailers and generated revenues of £65m in 2022.

Fruugo declined to comment.

Advertisements

Source link

Views: 0

See also  Jersey inflation rises to 2.6%, figures show

Check Also

Council confirms £300 heating oil support

“Residents should not be left behind simply because they are off the gas grid,” council …

Tenant leaves landlord with £3,500 bill; 'third-party capture' tactic; 'mixed mortgages' explained | Money newsletter

More than 190,000 people have now signed up to our free Money newsletter, which brings …

Dua Lipa sues Samsung for $15m over use of her image on TV boxes

The pop star’s legal team alleges a photograph of her face was used on Samsung …

Leave a Reply

Available for Amazon Prime
Making digital tools accessible for everyone.