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SimplyBiz drops sale/IPO plan

Support services and compliance firm SimplyBiz has shelved plans to sell the business or launch an IPO and is instead exploring alternative funding options to remain independent.

In January, SimplyBiz, the parent of mortgage club SimplyBiz Mortgages, confirmed it was considering floating on the Alternative Investment Market or selling a stake to a trade buyer or private equity in a bid to raise money for future growth.

However, managing director Neil Stevens says the firm no longer wants to give control to an external buyer and will not pursue an IPO for “at least a couple of years”.

He says: “We are determined to build for the long term.”

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