Retail marketing group itim aims to float in London
By Alexander Bueso
Date: Tuesday 08 Jun 2021
(Sharecast News) - Itim Group is looking to float on AIM to raise the monies needed to fund its next stage of growth amid the ongoing structural shifts in the retail sector.
The Software as a Service outfit's technology helps store-based retailers optimise their operations, thus enabling them to better compete with their digital rivals.
Its aim was to raise £10-12m by floating on the London Stock Exchange's junior market.
"Our firm belief is that if bricks-and-mortar retailers are to compete in a post-Covid world, they will need to operate a best-in-class omni-channel service," said itim boss Ali Athar.
"It is the only way they will be able to withstand the domination of pure online retailers and regain market share through using their store estates to their competitive advantage and improving profitability."
Through its omni-channel retail platform, known as The Retail Suite, itim already served over 60 established brands in the UK and internationally.
The platform allowed retailers to address consumers' appettite for more complex customer options, including click-and-collect and despatch from store with the latter using local couriers.
Traditional retailers also had a significant advantage over the digital-only rivals because of their ability to offer better service for returning products and more face-to-face contact for customer services and complaints.
Recurring revenues had jumped by 55% since 1 January 2018.
Admission to trading on AIM was expected to take place on or around 29 June 2021.
WH Ireland was acting as sole broker and NOMAD.
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