Dotcom tycoon to float Jellybook
JONATHAN Rowland, son of property tycoon David Rowland, has announced plans to list his Jellybook investment company on the AIM market.
With a rapidly inflating tech bubble seemingly upon us, and investors scrambling to get their hands on technology stocks, the timing of the float seems like a no brainer, given Jellybook’s focus on acquiring businesses in social media.
Jonathan has lofty ambitions for the firm, hoping to make it one of Europe’s leading social media companies. It plans to raise at least £3m in new funds in the float and plans to make one major acquisition in the 18 months following the listing.
His track record in the area is good. He founded Jellyworks in 1999, floating it on AIM at 5p a share before selling it to Shore Capital in 2000 for 29.5p a share. When the market crashed, so did Jellyworks, but not before Jonathan had made a handsome return.
Despite his successes, it has taken Jonathan a long time to emerge from the long shadow cast by his father.
David started life as a scrap-metal dealer’s son and made his first millions at the tender age of just 23 – earning him the nickname “spotty”, a nod to his acne.
He became an influential property trader and deal-maker, later attracting controversy for his tax-exile status. The decision by the Tories, to whom he has made significant donations since returning from tax exile, to make him their treasurer increased his profile even further. However, he resigned from the role before he had even started, amid intense press scrutiny. He said the decision was based on his desire to expand his business empire.
The young Jonathan initially showed little interest in following in his father’s footsteps. He left school at 16, knowing he was in line for a vast fortune. After some time spent travelling he came back into the fold, eventually taking over most of the decision-making for the Rowland Capital family trust.
The family was worth an estimated £730m last year, making them among the richest people in the country.
Jonathan began making his own fortune in his early 20s. Now he hopes Jellybook will bring home the next instalment.
He said: “The rise of social media in the past five years has been a development of global proportions.
“Yet until now public market investors have had limited opportunities to invest in this fast-growing sector.
“Social media is helping redefine global business and the way in which people go about their daily lives.”