Finance group plans £3 million Ofex launch

As predicted here the other day, Guernsey-based financial services group Garrington plans to float on the J P Jenkins share market with a £3 million offer at 125p a share, writes Robert Tyerman.

Share trading in Garrington Financial Services is scheduled to start on 30 November, after an offer which will value the company at £26 million, says adviser Caulfield Cavells. Launched in Hong Kong to serve the expatriate community there, Garrington is headed by its founder Andrew Barber, a former specialist at Coutts and Royal Bank of Canada, who branched out on his own five years ago.

It has taken the company a year to obtain a licence to trade in the Channel Islands, which Barber intends to be the base for future operations. Growth is now accelerating, it seems.

Last year, Garrington's Hong Kong business made a profit of £100,000. Profits for the first ten months of 2000 should come out at either £100,000 or £400,000, depending on how soon a 'big deal' being concluded can be taken into the accounts.

Garrington's prospectus will be analysed in OffExchange, the independent voice on Ofex.

Robert Tyerman is the editor of OffExchange, our newsletter dedicated to providing much-needed independent comment on Ofex companies. Click here for more details.