StepStone dual float plan

By THIS IS MONEY
Updated:

 

Giles Clarke, who made two fortunes when he sold Majestic Wine and Pet City, is in line for a third.

Online recruitment agency StepStone is to float in London and Oslo with an expected value of £400 million. This will be a full retail offer for sale of shares, and StepStone plans to raise about £60 million to spend on further acquisitions and brand marketing.

The company carries about 60,000 job opportunities at any one time, holds more than 170,000 CVs and scores about 1.8 million hits a month. Revenues last year were more than £7 million.

Clarke, who became chief executive last September and owns about 5% of the equity, said: 'I invested in StepStone and took over running it because it was a real company with serious revenue and not something run out of a garage.'

Founded in Norway in 1996, the company operates in Britain, Denmark, Sweden, Germany, France and Belgium. Its blue-chip client list includes Andersen Consulting, Coca-Cola, Ericsson, Microsoft, Nestlé and StepStone's own financial adviser, Morgan Stanley.

Clarke, 46, was chairman of Majestic Wine, which he sold for £15 million in 1989, before going on to found Pet City, which he sold for £150 million in 1996.

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