David Frost’s son invests £3m in value site BizEquity
A LEADING US group that provides company owners with an online valuation of their business is to launch in the UK in six weeks’ time after getting backing from investors led by the son of the late TV broadcaster Sir David Frost.
BizEquity, which has been used by 27million US firms to provide independent valuations, will launch its British web service early next month.
The company, founded by American venture capitalist Michael Carter, has secured £3million in investment from private equity group Frost Brooks, where Miles Frost is a founding partner.
BizEquity allows business owners to get a valuation of their firm after supplying key financial and business information. Carter claims the process uses sophisticated systems to assess a company’s value, based on those of thousands of other businesses. The service costs a few thousand pounds for a single valuation. For a subscription, business owners can get regular updates on the value as new financial and business information is added.
Carter said that for most business owners their firm was by far their most valuable asset, but they had no easy access to valuations. He described BizEquity as the business equivalent of online house price services. ‘This is like the Zoopla for businesses,’ he said. ‘Everyone who owns a business should know what it is worth.’
Frost Brooks was founded by Peter Brooks and Miles Frost. Both have several years of private equity experience, with Frost previously working at Lloyds Banking Group’s private equity arm, Lloyds Development Capital.
Private investors who have invested in BizEquity via Frost Brooks include former Lloyds chairman Sir Victor Blank.