Broker dismisses rumours of float.
Broker Cooper Gay has dismissed speculation that it is set to float on the London Stock Exchange in the third quarter of this year as premature.
However, sources close to the broker have hinted that it is considering an IPO as part of its future growth plans.
Chief executive Toby Esser has said that it plans to continue its aggressive acquisition strategy.
A recent report stated that the broker was being advised by Collins Stewart on a flotation and was valued at about £250m.
It added that Cooper Gay would be worth a lot more by the time it floated due to its planned acquisitions.
Last week, Cooper Gay revealed that it was in discussions with Heath Lambert about acquiring its international wholesale, reinsurance and aviation divisions, for a figure believed to be in the region of £8m.
The deal, if completed, would see about 100 staff currently assigned to those divisions transferred to Cooper Gay.
Esser said the deal was part of a wider acquisition strategy focused on growing its business and leveraging its existing infrastructure.
In a statement, he said: “Cooper Gay is actively pursuing its growth strategy through strategic acquisition opportunities in the UK and overseas.
“We are continually looking for businesses and specialist teams that have a good fit with our strategic objectives.
We are currently in talks to purchase the wholesale and reinsurance divisions of Heath Lambert, and we have identified other opportunities which are in varying stages of development.”
