Mid­lands soft­ware devel­oper to list with value of £280m

Birmingham Post - - NEWS -

THE West Mid­lands soft­ware devel­oper be­hind the of­fi­cial For­mula One com­puter game is set to list with a val­u­a­tion of £280 mil­lion.

Code­mas­ters, which has around 370 staff at bases in Birm­ing­ham and Southam near Leam­ing­ton Spa, will float on the AlM stock mar­ket on Fri­day (June 1).

The plac­ing of the sale shares will raise £170 mil­lion for the sell­ing share­hold­ers and the new shares will gen­er­ate £15 mil­lion for the com­pany.

Re­liance Big En­ter­tain­ment, the firm’s In­dia-based ma­jor­ity own­ers, will net £159.9 mil­lion with the re­main­ing £10.1 mil­lion go­ing to the ex­ec­u­tive di­rec­tors and se­nior man­age­ment team.

Re­liance Big En­ter­tain­ment will re­tain a 30 per cent stake once trad­ing has com­menced.

The com­pany in­tends to use the funds gen­er­ated by the plac­ing to pro­vide it with ad­di­tional work­ing cap­i­tal, re­cruit new tal­ent and ex­tend the reach of its ex­ist­ing fran­chises onto more plat­forms.

Code­mas­ters was founded in 1986 by broth­ers David and Richard Dar­ling but they sold their shares in the firm in 2007.

It also has an of­fice in Run­corn, Cheshire, and an art pro­duc­tion fa­cil­ity in Kuala Lumpur and em­ploys a to­tal of 500 staff in the UK.

Among Code­mas­ters’ other motorsport games are DiRT, orig­i­nally launched in 1998 as Colin McRae Rally, and OnRush, a new ar­cade game be­ing re­leased in June.

Rev­enue in the year to April 2018 hit £63.6 mil­lion, more than dou­ble what it posted in 2015/16.

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