We have a strong track record of growth and have built market leading franchise businesses where the underlying demand for our essential reactive B2B van-based services is highly resilient. We have a small share of large, fragmented markets with significant opportunities for growth. Our highly experienced management team has a strong track record of growth and are substantial shareholders.
- Provider of essential reactive services
Provider of B2B van-based essential reactive and planned services, with resilient underlying demand. Diversification through seven market-leading franchise businesses in ten countries. Long-established brands with a successful trading history.
- Significant opportunities for growth
Small shares of large, fragmented markets with “manageable” competition. Our Maximum Potential Model shows the potential for System sales of £2.1bn for Pirtek, Metro Rod and Filta International compared to current System sales of £418m.
- Experienced team, strong track record
Proven track record of successfully acquiring and growing businesses organically to unlock growth. Management team and Board are substantial shareholders, with a shareholding of over 30%.
- Highly cash generative business
Capital light as franchisees make investments to expand their capacity and grow System sales. Cash generation supports deleveraging. Anticipate a net cash position in 2028 through internally-generated trading cash flow.
- Operational gearing
Operational gearing is a significant driver of Adjusted EBITDA in franchise businesses. Accelerated by the continued consolidation of functions which are common to all businesses.
- Progressive dividend policy
The cash generative nature of the business supports deleveraging and a progressive dividend policy.
For further information, see in particular our Capital Markets Day presentation and webcasts, 2023 Annual Report and 2023 Annual Results presentation and webcast.
