Electric car charger firm Chargemaster moves close to flotation

chargemaster charging poiint
Chargemaster has installed more 30,000 charging points with domestic customers and signed deals with a range of industry suppliers

Electric car charging point manufacturer Chargemaster has moved a step closer to a long expected flotation on the London market. The company is reported to have appointed broker Cenkos to run an initial public offering this summer as it positions itself to be a leading force in the market servicing the burgeoning electric car industry.
Chargemaster, which was founded in 2008 by entrepreneur David Martell, is reported by Sky to be planning to raise £50m in a new share issue, valuing the company at £170m.
According to its most recent accounts filed at Companies House for the year to the end of December 2016, Chargemaster had annual revenues of £12m and made a pre-tax loss of £2.2m.
However, the business has formed valuable partnerships with major car manufacturers including BMW, Mercedes, Renault, Nissan Audi and Toyota, and is preferred supplier to Jaguar Land Rover and London Electric Vehicle Company, which builds the new electric black cab.
Chargemaster designs, builds and installs electric car charging points and has 30,000 domestic customers, as well as deals with businesses and local authorities.
The company expects there to be 1m electric vehicles on the UK’s roads by 2022 and is keen to become the first choice for drivers of the vehicles, especially as new, low-emission zones in cities are set to increase demand further. 
Former accountant Mr Martell sold an air charter business in the early 1990s and then set up Trafficmaster, which monitored congestion UK roads. It won an exclusive 10-year licence with the Government and Mr Martell floated it in 1994 with a £29m valuation when sales were at £1.5m.
At the height of dotcom bubble the business was worth £500m before Mr Martell sold down his shares and the company was eventually bought by a private equity group.
It has long been expected that Mr Martell would line up Chargemaster for a similar float, and the company is understood to have beefed up internal staffing in the autumn as it gears up for its public debut.

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