New venture: Simon Peckham
The founder of aerospace technology group Melrose Industries is set to list a new firm on London’s junior stock market.
Former boss Simon Peckham is leading plans to launch Rosebank Industries on the AIM sub-market for smaller firms. And there are talks to raise more than £40m from institutional investors.
The firm will echo Melrose’s ‘buy, improve, sell’ model and also focus on acquiring industrial UK-based firms. And after it buys its first target, it will move to the main London market.
It could be the first company to go public in the City under the next government after the General Election on July 4.
Melrose was subject to criticism after its £8billion hostile takeover of aerospace stalwart GKN, which resulted in hundreds of job losses.
Peckham, who left Melrose after two decades this March, has claimed his takeover had created a British ‘aerospace champion’ and revitalised a ‘fading UK industrial icon’.
Earlier this year, Peckham warned that the London stock market was ‘in danger of being ordinary’.
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