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Comparethemarket.com considers testing the meerkat with London IPO Comparethemarket.com considers testing the meerkat with London IPO
(35 minutes later)
Simples! The owner of comparethemarket.com, which has enjoyed huge success with its meerkat advertising campaign, is considering a stock market flotation that could value the price comparison website at more than £1bn.Simples! The owner of comparethemarket.com, which has enjoyed huge success with its meerkat advertising campaign, is considering a stock market flotation that could value the price comparison website at more than £1bn.
It is thought that BGL, the Peterborough-based insurance and legal services business that made a £94m profit on revenues of £507m in its last financial year, has appointed investment bank Rothschild to advise it on options for comparethemarket.com. Employees were being told about the plans on Wednesday.It is thought that BGL, the Peterborough-based insurance and legal services business that made a £94m profit on revenues of £507m in its last financial year, has appointed investment bank Rothschild to advise it on options for comparethemarket.com. Employees were being told about the plans on Wednesday.
A BGL spokesman said: “BGL Group can confirm that it is considering listing on the London Stock Exchange. However, at this point, no decisions have been made and there can be no certainty that any process will be formalised.”A BGL spokesman said: “BGL Group can confirm that it is considering listing on the London Stock Exchange. However, at this point, no decisions have been made and there can be no certainty that any process will be formalised.”
The parent company of Peterborough-based BGL is the South African-based insurance group BHL. The news that BGL was considering an IPO was first reported by Sky News.The parent company of Peterborough-based BGL is the South African-based insurance group BHL. The news that BGL was considering an IPO was first reported by Sky News.
The company will have to consider the volatility of the stock markets before pressing ahead with its plans.The company will have to consider the volatility of the stock markets before pressing ahead with its plans.
Elsewhere, CMC Markets, the spread betting firm, yesterday priced its own IPO at £740m, which is below where expectations would have been a few months ago. Early investor meetings for a flotation of Brakes Group, the food manufacturer, were recently cancelled. Related: Brexit backer Peter Cruddas to sell £200m-plus of CMC Markets shares
Elsewhere, CMC Markets, the spread-betting firm, on Tuesday priced its own IPO at £740m, below where expectations would have been a few months ago. Early investor meetings for a flotation of Brakes Group, the food manufacturer, were recently cancelled.
However, investment banks believe robust companies with well-known brands can still attract investors if they list on the stock market.However, investment banks believe robust companies with well-known brands can still attract investors if they list on the stock market.
Comparethemarket.com has become one of the best-known brands in the country since its campaign featuring animated meerkat characters, who originally ran a website called “comparethemeerkat.com”, first launched in January 2009. Other meerkat-themed promotional outings for the website have included a three-year sponsorship of Coronation Street and “Meerkat Movies”, a two-for-one cinema tickets offering launched in April 2015. Comparethemarket.com has become one of the UK’s best-known brands after its campaign featuring animated meerkat characters, who originally ran a website called “comparethemeerkat.com”, first launched in January 2009. Other meerkat-themed promotional outings for the website have included a three-year sponsorship of Coronation Street and Meerkat Movies, a two-for-one cinema tickets offering launched in April 2015.
Merchandising spin-offs, including cuddly toys, a spoof autobiography of main meerkat character Orlov and downloads including ringtones, have proved a lucrative business in themselves.Merchandising spin-offs, including cuddly toys, a spoof autobiography of main meerkat character Orlov and downloads including ringtones, have proved a lucrative business in themselves.
Matthew Donaldson, chief executive of BGL, said the campaign had been a key reason for the growth of the business. He said: “We knew that people didn’t recognise the name so we asked agencies to come up with something different, daring and amusing.” Matthew Donaldson, chief executive of BGL, said the campaign had been a key reason for the growth of the business. He said: “We knew that people didn’t recognise the name, so we asked agencies to come up with something different, daring and amusing.”