Mark Kleinman is Sky News’ City Editor and is the man who gets the City talking in his weekly City A.M. column.
This week, Kleinman tackles Rosebank Industries aka Melrose 2.0, Heathrow Airport drama, and the ownership saga around Everton 0.1 per cent: that’s the likely valuation of Rosebank Industries – aka Melrose 2.
0 – relative to the Chinese-founded online fashion retailer Shein if and when both make their London stock market debuts in the coming months. With an initial seed capitalisation of about £50m, Rosebank is the new vehicle of Simon Peckham, one of Melrose’s co-founders. He has assembled a team from his former company with over a century of experience between them, and now intends to reprise the ‘Buy, Improve, Sell’ playbook which made its investors handsome returns over two decades.
Yet while political and media attention focuses on when Shein will push the button on a UK listing, Rosebank’s listing may be disproportionately significant in what it says about the recovery story for London’s flagging stock market. According to insiders, Peckham and co have for months been discussing a privately owned version of the vehicle which would secure substantial capital commitments from one or two deep-pocketed private equity firms. Sources tell me that the decision to pursue a public capital raise instead reflects a judgement about institutional investors’ willingness to finance another listed company from the team which made Melrose so successful.
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