RSM UK advises North West beauty group on £300m IPO
Leading audit, tax and consulting firm RSM UK has advised The Beauty Tech Group on its IPO, which has successfully completed today. The listing raises £29m of new money for the group, enabling it to reduce debt and deliver its international growth plan. Existing shareholders also sold shares at IPO, raising funds of £77m for them.
Launching in 2009 under the name CurrentBody by CEO Laurence Newman, the £300m Manchester-based company has grown its portfolio of beauty treatment technology brands to include CurrentBody Skin, ZIIP Beauty and Tria Laser. It now has a global presence, and sells its products in over 80 countries.
The RSM team, led by Diane Craig and supported by Matt Cowie and Abigail Hitchcock, provided independent assurance, ensuring regulatory compliance to meet listed company financial requirements. As reporting accountants for The Beauty Tech Group’s IPO, RSM brought together specialists in tax, international operations, and customs duties to support the transaction.
Diane Craig, Corporate Finance Partner, RSM UK, said: “This listing is a significant development for the beauty and tech sectors. It comes at a time when public market activity remains subdued, and the London Stock Exchange is experiencing low listing activity. The Beauty Tech Group’s listing indicates new momentum in the UK’s public markets, and provides a boost to the London Stock Exchange’s efforts to attract high growth, internationally focused businesses. The listing reinforces the attractiveness of London for dynamic International companies looking to attract public capital to support their growth, especially in the face of growing competition from other global exchanges.”
Sam Glynn, Chief Financial Officer at The Beauty Tech Group, said: “This IPO represents an exciting opportunity for us to expand our international presence significantly and accelerate the development and launch of innovative new products. Having worked with RSM UK for many years as our audit partners, we trusted their unique expertise and guidance on this listing. We can now look forward to expanding our business through new channels and markets on a global scale.”