Princes Group unveils London listing in major vote of confidence in UK economy
In a major vote of confidence in UK capital markets, Princes Group has listed today on the London Stock Exchange (LSE) in a move that cements the City’s position as a leading hub for global capital.
- Princes Group - leading manufacturer known for producing tinned tuna and Napolina tomatoes - lists on London Stock Exchange in major vote of confidence in UK’s capital markets.
- The IPO will help drive growth and investment in key sectors – reflecting the Government’s modern Industrial Strategy and Plan for Change.
- Business and Trade Secretary Peter Kyle calls Princes Group a ‘Great British success story’ and calls for more firms to follow in their footsteps.
In a major vote of confidence in UK capital markets, Princes Group has listed today on the London Stock Exchange (LSE) in a move that cements the City’s position as a leading hub for global capital.
Today, Business Secretary Peter Kyle joined Princes Group at the LSE for its market debut, where he delivered a speech and championed the long-established company as a “great British success story”.
The listing on the LSE of the manufacturer of some of Britain’s best loved brands is a boost for the government’s modern Industrial Strategy and will help leverage further investment into the UK, in particular the food and drink and advanced manufacturing sectors.
The news builds on Make UK and RSM UK’s positive findings this week that more than a third of manufacturing firms will accelerate investment projects as a direct result of the government’s modern Industrial Strategy.
London is making a strong comeback following the government’s capital market reforms, which includes modernising UK listing rules to provide firms more flexibility to raise capital, reforming the rulebook for wholesale markets to improve liquidity for UK listed companies, as well as cutting paperwork and making it easier for companies to raise larger sums.
It follows a trend of more companies turning to the City to list and raise capital, including Shawbrook, Metlen, Fermi and The Beauty Tech Group - and more expected to follow.
Business and Trade Secretary Peter Kyle said:
The London Stock Exchange is a renowned global trading hub and the Princes Group is a great British success story. The firm’s decision to list is not only a huge vote of confidence in this Government’s reforms to capital markets but in British business.
With the FTSE 100 continuing to trade close to all-time highs, we’re making sure the UK is the best place in the world for businesses to start, scale, list and stay.
I want this to just be the start – with more firms following in their footsteps and choosing London as the financial home for their thriving futures.
Angelo Mastrolia, Executive Chair of Princes Group said:
Choosing to list in London is a natural step for Princes group. Around 70% of our revenues come from the UK, which remains our largest and most dynamic market.
London offers deep liquidity, a world-class regulatory environment, and access to a broad international investor base, making it the ideal home for our next stage of growth.
London remains the first listing choice for UK and international companies, with 91% of UK-incorporated public company IPOs listing in the UK between 2017–2022. London is also a leading hub for global capital and the largest equity capital market in Europe, consistently ranking among the world’s top exchanges and outperforming all other European centres every year for the past two decades.
With thousands of employees working at Princes Group facilities across the UK, including its HQ at the iconic Royal Liver Building in Liverpool, today’s announcement delivers a significant boost for the workforce and reinforces support for local communities and future growth.
Since entering office, the government has been focused on restoring economic stability and encouraging British businesses to grow and expand to reach their full potential, backing the Plan for Change.
Notes to editors:
- Please see the Make UK/RSM survey here.
- On capital markets reforms, the government is modernising listing and prospectus rules to make it easier for firms to IPO and enabling UK listed firms to grow in the UK by removing the rules that were getting in the way of companies raising further capital.