LONDON, Oct. 31 -- The government of the United Kingdom issued the following news:
* Princes Group - leading manufacturer known for producing tinned tuna and Napolina tomatoes - lists on London Stock Exchange in major vote of confidence inUK's capital markets.
* The IPOwill help drive growth and investment in key sectors - reflecting the Government'smodern Industrial Strategyand Plan for Change.
* Business and Trade Secretary Peter KylecallsPrinces Groupa 'Great British success story'and calls for more firms tofollow in their footsteps.
In a major vote of confidence in UK capital markets,Princes Group haslisted today on the London Stock Exchange(LSE) in a move that cementsthe City'sposition as aleadinghub for global capital.
Today, Business Secretary Peter Kylejoined Princes Groupat the LSEforitsmarket debut,where hedelivered a speechand championedthelong-established company as a "great British success story".
The listing on the LSE of the manufacturer of some of Britain's best loved brands is a boost for the government's modern Industrial Strategy and will helpleverage further investment into the UK, in particular the foodanddrink and advanced manufacturing sectors.
The newsbuilds onMake UK and RSM UK's positive findings this week that more than a third of manufacturing firms will accelerate investment projects as a direct result ofthegovernment'smodern Industrial Strategy.
London is making a strong comeback following the government's capital market reforms, which includes modernising UK listing rules to providefirms moreflexibility to raise capital, reformingthe rulebook forwholesale markets to improve liquidity for UK listed companies, as well ascutting paperwork andmaking it easier for companies to raise larger sums.
It follows a trend of morecompanies turning to theCityto list and raise capital, includingShawbrook,Metlen, Fermi and The Beauty Tech Group - andmore expected to follow.
Business and Trade Secretary Peter Kyle said:
The London Stock Exchange is arenownedglobal tradinghubandthePrinces Groupis a great British success story. The firm'sdecision to list is not only a huge vote of confidence inthis Government's reforms tocapital markets but in British business.
With the FTSE 100 continuing to trade close to all-time highs,we'remakingsure theUKisthe best place in the world for businesses to start, scale, list and stay.
I want this to just be the start - with more firms followingin their footsteps and choosing London as the financial home for their thriving futures.
Angelo Mastrolia, Executive Chair ofPrinces Groupsaid:
Choosing tolist in London is anaturalstep for Princes group. Around 70% of our revenues come from the UK,whichremainsourlargest and most dynamic market.
London offers deep liquidity, a world-class regulatory environment, and access to a broad international investor base, making it the ideal home for our next stage of growth.
Londonremainsthe first listing choice for UK and international companies, with 91% of UK-incorporated public company IPOs listing in the UK between 2017-2022.Londonisalsoa leading hub for global capital and the largest equity capital market in Europe, consistently ranking among the world's top exchanges and outperforming all other European centres every year for the past two decades.
With thousands of employees working at Princes Group facilities across the UK, including its HQ at the iconic Royal Liver Building in Liverpool,today's announcement delivers a significant boost for the workforce and reinforces support for local communities and future growth.
Sinceenteringoffice, thegovernmenthas been focused on restoring economic stability and encouraging British businesses to growand expandto reach their full potential, backing the Plan for Change.
Notes to editors:
* Please see the Make UK/RSM survey here.
* On capital markets reforms, the government is modernising listing and prospectus rules to make it easier for firms to IPO and enabling UK listed firms to grow in the UK by removing the rules that were getting in the way of companies raising further capital.
Disclaimer: Curated by HT Syndication.
