London Stock Exchange welcomes CMO Group plc to AIM
The Company’s ordinary shares were admitted to trading at 8:00am on Thursday 8 July 2021 under the stock market ticker CMO. The Placing price was 132p per ordinary share, resulting in a market capitalisation of approximately £95 million. The Placing attracted strong support from high quality institutional investors.
CMO Group is the UK’s largest online-only retailer of building materials. The business is disrupting a £27 billion predominantly offline market with a digital first proposition and market leading choice of over 75,000 products. The Group’s unique digital hybrid model combines high quality service and technical expertise tailored to category and customer needs. This business model bridges the gap between traditional bricks and mortar retailers and pureplay digital retailing to service the next generation of digital natives.
The business has grown substantially since it was founded in 2008, both organically and through acquisition. The Group’s first mover advantage and digital platform will enable the business to continue to capture market share in an underpenetrated market as customers increasingly move online. This platform will support targeted category expansion and a multi-channel marketing strategy to drive organic revenue growth and margin enhancement. Organic growth will be supported through selective acquisitions.
Dean Murray, CEO of CMO Group plc, commented: “Today marks an important milestone in CMO’s development and I am delighted that the company is now listed on AIM.
“There are significant long-term growth opportunities ahead for the Group as we continue on our mission to revolutionise the shopping experience of homeowners and tradespeople in a predominantly offline market. Importantly, we are now funded to grow the business both organically and through selective acquisitions.
“The business would not be where it is today without the hard work and commitment of our employees. Our ambition is to become the ‘go to’ retailer in building materials and this is an exciting new chapter in the Group’s long-term development.
“I want to welcome our new shareholders and look forward to growing the business further as customers increasingly move online.”
Advisors to the transaction:
Nominated Adviser & Broker
Liberum Capital Limited
GCA Altium Limited
Solicitors to the Company
Simmons & Simmons LLP
Bishop Fleming LLP