Escher Group, a leading supplier of software to post offices worldwide, is planning to make a comeback on the London stock market six years after being taken private. According to sources, the company is working with bankers to explore the possibility of an initial public offering (IPO).
Escher Group has long-term contracts with Fujitsu, the Japanese company at the center of the Horizon IT scandal. The company is expected to go public late this year, although a listing in 2025 is also a possibility. Singer Capital Markets has been appointed to work on the IPO plans.
A spokesperson for Escher Group declined to comment on the specifics of the IPO, but confirmed that the company is not currently a supplier to the UK Post Office. The company’s current clients include the US postal service, as well as retailers and other industries. Escher Group is known as “the global leader in customer engagement software for Post Offices and couriers.”
Meanwhile, expectations are rising for another interest rate cut next month. In other financial news, McDonald’s has revealed its biggest expansion in 20 years.
Escher Group was taken private in 2018 by Hanover Investors, a London-based firm. The deal valued the company’s shares at approximately £35m. It is unclear what the valuation will be for the impending IPO. Hanover Investors also has investments in luxury motor yacht manufacturer Fairline.
Escher Group’s potential return to the London stock market comes at a time of heightened scrutiny over the Horizon IT scandal, which has raised questions about the reliability of the Post Office’s IT systems. With its strong track record and global reach, Escher Group’s IPO is expected to generate significant interest from investors. Stay tuned for more updates on this developing story.
