All roads lead to London: TMF Group eyes £1bn float

Alys Key
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At the top of their game: Sir Ranulph Fiennes has previously been a TMF ambassador (Source: TMF Group/The Global Reach Challenge)

Multinational business services provider the TMF Group is eyeing a £1bn float in London.

Advisers to the company’s private equity owner Doughty Hanson, are understood to be laying out plans to bring TMF to market after the summer.

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Goldman Sachs and HSBC are said to be advising the firm, which announced earlier this year that it was looking into a float.

A TMF Group spokesperson said: “As announced on 30 March 2017, TMF Group is reviewing its strategic and financial options. As part of this review, the possibility of an initial public offering is being considered alongside a number of routes, although no decision has yet been taken in this regard.”

TMF Group provides business critical services such as accounting, tax, corporate secretarial, HR and payroll. The Dutch firm was initially reported to be considering an IPO in either London or Amsterdam.

Read more: This energy firm is seeking a premium London listing

It is thought by City sources that the business’s resilient business model would leave it relatively unaffected by any post-Brexit uncertainty in the London market. Its client retention levels are typically around 90 per cent.

It could also benefit from increased demand for its services in the event that Brexit makes regulation and tax more complicated, or to provide assistance for firms moving out of the City to new bases in Dublin or Frankfurt.

Read more: Inside the Luxembourg bid to lure in City firms after UK Brexit vote

TMF works with 60 per cent of the Forbes 100 and FTSE 100 with international names such as Adobe, Netflix, LinkedIn and Volvo all listed as clients.

In its 2016 results issued last month, the company reported a 7.5 per cent rise in revenues to €529m (£448.1m).

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