UKFast looks to raise £350m from London float
By Iain Gilbert
Date: Monday 30 Jul 2018
(Sharecast News) - British web hosting provider UKFast is said to be eyeing up a £350m pay-day from a proposed flotation on the London Stock Exchange.
UKFast, which employs 350 people across five data centres, plans to list its shares "before the year is out", likely in or around October, according to The Register.
Lawrence Jones, the Manchester-based firm's founder and chief executive, told the Register that the float would gives UKFast the "funds necessary to capitalise on the opportunity" of the expansion of the UK tech market.
"There are some fantastic businesses in the UK right now that we are interested in talking to," Jones added.
Jones said that, while there are "of course slight concerns around Brexit and what that may do for the market", UKFast believed it shouldn't affect the firm given its "very UK focused" product.
"However, if there was a significant downturn it would be sensible to wait until the market bounces back," he said.
UKFast has around 5,000 clients including hotel booking service Laterooms.com, salons operator Regis, Chester Zoo, NHS Health Education Yorkshire, and the North West Ambulance Service.
In addition to hosting, UKFast also sells public, private, and hybrid cloud services to customers.
Jones invested £1m in AIM-listed Outsourcery, the communications-focused cloud service provider, less than a year before it was forced to call in the administrators and de-list from London's junior market.
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