We have a strong track record of growth and have built market leading franchise businesses where the underlying demand for our essential reactive B2B van-based services is highly resilient. We have a small share of large, fragmented markets with significant opportunities for growth. Our highly experienced management team has a strong track record of growth and are substantial shareholders.
- We are provider of essential reactive services with resilient underlying demand
We are a provider of B2B van-based essential reactive services, with resilient underlying demand. Our businesses have a high degree of diversification through seven market leading franchise brands in 10 countries across the UK, North America and Europe. Our brands are long-established brands with a successful trading history.
- Our businesses have significant opportunities for growth
Small share of all key markets with “manageable” competition. Our Maximum Potential Model shows the potential for system sales of £1.8bn for Pirtek, Metro Rod and Filta International compared to current System sales of £332m for these businesses (on an annualised basis).
- We have an experienced management team with a strong track record
We have a proven track record of successfully acquiring and integrating businesses to unlock growth. Our experienced management team and Board are substantial shareholders, with an over 30% shareholding.
- Highly cash generative business
Our business is capital light as our >625 franchisees make investments to expand their capacity and grow system sales. Our strong cash generation supports deleveraging. We anticipate a net cash position in 2027 through only organic growth.
- Operational gearing
Operational gearing is a significant driver of organic growth in franchise businesses. We accelerate this by the continued consolidation of functions which are common to all businesses and through technology.
- Progressive dividend policy
The cash generative nature of the business supports deleveraging and a progressive dividend policy.
For further information, see in particular our Capital Markets Day presentation and webcasts, 2023 Annual Report and 2023 Annual Results presentation and webcast.
