Aim Rule 26

Aim Rule 26

The information disclosed on this page is to specifically ensure compliance with Rule 26 of the AIM rules (last updated on 02 February 2017)

Bilby Plc is a company incorporated and registered in England and Wales with registered number 9095860


Business description

Bilby Plc (the Company) was formed in 2015 as a holding company to provide a platform for strategic acquisitions in the gas heating, and general building services industries. Bilby currently owns 100% of P & R Installation Co Ltd (P & R), Purdy Contracts Ltd (Purdy), DCB (Kent) Ltd (DCB) and Spokemead Maintenance Ltd (Spokemead).

P & R was acquired by Bilby at IPO in March 2015. P & R was founded in 1977 by Bilby’s Deputy Executive Chairman, Phil Copolo, as a gas installation company. Since then P & R's services have grown to include general building services.

Bilby acquired Purdy in July 2015. Purdy was formed in 1984 as a building and property services contractor, and is now resourced with specialist teams in heating, electrical services, property services and microgeneration systems.

Bilby acquired DCB and Spokemead in April 2016. Spokemead has been established for over 35 years and now has a highly skilled and highly motivated workforce of over 30 fully qualified electricians, specialising in electrical installation and maintenance of local authority owned housing stock. DCB was established in 1998 and is renowned for delivering high-quality building, refurbishment and maintenance services throughout Kent, Sussex, Essex and London.

The Group provides services predominately to local authorities and housing associations across London and South East England. The experienced management teams place emphasis on the provision of a high level of service through which they have developed long-standing relationships with customers.

The Group has a clear geographic focus based on London and South East England. The Directors believe that, alongside a strong and experienced management, the Group’s geographic focus and disciplined approach to tendering for new contract work has helped to achieve above average operating margins compared to the publicly quoted peer group.

The Directors anticipate that continued growth will be underpinned by expanding opportunities in a growing market. The gas heating and general building services industries are benefiting from strong market fundamentals driven by government standards and legislation, such as the Decent Homes Standard, the Right to Repair Scheme and applicable gas safety regulations. Such government policies and initiatives place compulsory obligations leading to potential legal liability requiring local authority and housing associations to meet a minimum standard in all social housing. These obligations fall on housing bodies regardless of budgetary pressures and demands they face in other areas.

There are currently over 1.25 million local authority and housing association properties across London and South East England. For the year ended 31 March 2014 these social housing providers spent over £2.5 billion on the repair, maintenance and supervision of their housing stock.

The Directors believe that there are opportunities to expand the Group’s operations through further acquisitions of businesses operating in markets similar to Bilby’s current businesses. Through consolidation by way of a ‘Buy-and-Build’ strategy the Directors believe that they will deliver further and accelerated growth. In particular, many of the larger and potentially significantly profitable social housing maintenance contracts are subject to pre-qualifying conditions, which are often based on a minimum level of revenue set above the Group’s current level of turnover.

The Directors believe that an enlarged group will be able to tender for such contracts.


Directors


Corporate Governance


Takeovers and mergers

The Company is subject to the UK City Code on Takeovers and Mergers.


Articles of Association


Company contact information

6-8 Powerscroft Rd, Sidcup, Kent, DA14 5DT

T: +44 20 8300 0300

F: +44 20 8300 0366


Exchange/trading platform

The securities of Bilby plc are traded on the AIM market operated by the London Stock Exchange plc. Its shares have not been admitted, nor have any applications been made, for any of its shares to be admitted or traded on any other exchanges or trading platform


Company documentation


Significant shareholders and shares in issue


Share restrictions


Advisors and registrars

Nominated Adviser, Financial Adviser & Broker to the Company

Northland Capital Partners Limited’, 60 Gresham Street, 4th Floor, London, EC2V 7BB

Solicitors to the Company

Dentons UKMEA LLP, One Fleet Place, London, EC4M 7RA

Auditor to the Company

Kingston Smith LLP, Devonshire House, 60 Goswell Rd, London EC1M 7AD

Financial PR

Hudson Sandler Ltd, 29 Cloth Fair, London, EC1A 7NN

Registrar

Neville Registrars Limited, Neville House, 18 Laurel Lane, Halesowen B63 3DA