Cardsave to float on AIM

The merchant services company is set to float on the market on July 6

The merchant services company Cardsave is to float on AIM next month.

The company, which is led by chief executive Jim Ormonde, a former BBC journalist, it to float on London’s junior stock market on July 6.

Founded by Paul Bentham and based in Grimsby, Lincolnshire, provides terminals and card payment processing services to retailers, which enables their customers to use credit cards.

Since it began trading in 1995, the company has 23,000 members in over 200 different retail sectors.

Ormonde took charge of the company when he led a management buy-out in 2004 backed by RL Private Equity.

RL is still a major shareholder in the business and owns over 34% of the equity prior to admission.

Alongside Ormonde, the company’s board includes Ralph Thomas Kanter who joins as a non-executive Chairman, finance director Anthony Mark Dann, operations director Ian Bernard Ryder and John Eamon Dillon who is also a non-executive director.

Grant Thornton is acting as Cardsave’s nominated advisor and Fox Pitt Kelton Ltd is its broker

So far details of the amount of money raised and an expected market capitalisation have not been announced.

© Crimson Business Ltd. 2007

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