III Stronger than expected trading at TIP Europe has led
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chairman Jim Cleary to seek flotation on the Amsterdam and London stock exchanges within the next two months.
The flotation, designed to raise around .225 million, will help TIP to maintain its growth both in the UK and Europe.
In the year to 31 July — the first full year since the management buyout from Gelco in the US — TIP made pre-tax profits of million on a turnover of £32.3 million.
Cleary says the flotation will be necessary because TIP plans to invest at least £40 million in new trailers over the next three years. Tip is also looking to south European countries in which it has yet to establish depots. Marketing manager Colin Barr says the Spanish market is particularly interesting to TIP because it is the scene of intense industrial growth.
Chief executive Tony Rieger says that TIP's trailer fleet now numbers 10,000 units, representing 26% of the European trailer rental.
Approximately 25% of the stock of TIP will be offered in the flotation, valuing the company at around 2100 million.