• Home
• About Us >
• Our Services >
• Investor Relations >
• News & Events >
  • Regulatory News
  • Press Releases & Archive
    • Archive 2007
    • Archive 2006
    • Archive 2005
    • Archive 2004
    • Archive 2003
    • Archive 2002
  • Image Library
  • Media Contacts
  • Useful Links
• Recruitment
• Contact Us

Erinaceous Group plc placing and admission to AIM

10 November 2003

Download this Press Release in PDF format.

Erinaceous Group plc (“Erinaceous” or “the Group”), a one-stop shop property services group operating in the public and private sectors, is proposing to raise approximately £10 million through a placing of Ordinary Shares and is seeking admission to trading on the Alternative Investment Market (AIM) of the London Stock Exchange Plc.

Founded in 1999, Erinaceous comprises a number of long established businesses covering a broad range of activities including services in the fields of residential lettings, insurance, building consultancy and housing management. The Group’s operational structure comprises the following three operating divisions, each of which is responsible for meeting clearly identifiable client requirements. The operating divisions work closely together so that the client has access to a single and accountable source of property and management expertise.

Residential Lettings Services (Hanover Park Services Plc)

This division is a major provider of support products and services to the residential lettings market, including the buy to let sector. Operating nationwide, it supplies: tenant references; rent guarantee products; software solutions for lettings agents and landlords; and insurance products for both landlords and tenants. Brands include Homelet and Letplan.

Insurance Services (Hanover Park Commercial Limited)

Insurance Services provides a comprehensive range of insurance products and services, both as a conventional insurance broker and as a scheme provider, marketing targeted insurance solutions aimed at specific industry sectors both direct to clients and through fellow agents as sub-brokers. The range of insurance schemes aimed at specific market sectors includes: the plastics industry; funeral directors; media production companies; buildings and contents insurance; and professional indemnity insurance for solicitors.

The division works closely with the residential lettings services division in tailoring products for its market and in acting as the focus for insurer relations. It also works with the property services division in providing insurance solutions for its clients.

Property Services (Haywards Property Services Limited)

Property Services comprises the following four divisions which are each responsible for specific areas of activity but work closely together so that the client can receive a variety of services from a single source:

• Public Sector Housing: is focused on providing housing services to the social housing sector including local authorities and housing associations. The range of services provided includes: all aspects of housing management; leasehold management; resident involvement and participation; building maintenance and technical services; estate services including cleaning, grounds maintenance and concierge services; community regeneration services; and homelessness assessment and housing advisory services.

  The division commenced trading in April 2001, when it was selected to provide housing services to 40% of Westminster City Council’s housing stock. This contract included the management of two major urban regeneration projects and the division was also awarded a contract for the delivery of Homelessness Assessment and Advice Services across the City of Westminster. The division has a further long-term management contract with the London Borough of Lewisham for the management of 1,400 council homes.

• Residential Management: manages private residential properties throughout London. Professional property services are provided to a portfolio of 16,000 homes on behalf of resident management companies, property developers, private landlord investors and trusteeships.

  A flexible approach to all aspects of property management enables clients to receive all or any of the following services: rent collection; service charge accounting and collection; residential lettings and management services; and design and maintenance.

  This division draws upon the technical expertise and resources of other group divisions to offer clients a comprehensive single source service. For example, the management of major repairs for managed properties is referred to surveyors in the building consultancy division, and insurance solutions are provided by the insurance division.

• Building Consultancy: provides professional services for building design, maintenance and construction management projects. It undertakes projects across a broad range of developments in the residential, education and health sectors, including a recent £12 million housing regeneration scheme for Westminster City Council. Areas of specialist expertise include: architecture; surveying; structural engineering; mechanical and electrical engineering; project management; planning supervision; and urban regeneration.
• Facilities Management: provides day-to-day maintenance and repair services together with planned preventative maintenance to properties managed by the Group. The services for the division are targeted at local authorities and housing associations throughout Greater London and at the private sector management division.

Since inception the Group has made significant progress and is now a substantial provider in the property services and facilities management fields. Group turnover increased by 57% for the year ended 31 March 2003 to £33.7 million (2002: £21.5 million) and profit before taxation, interest and goodwill amortisation increased by 56% to £4.1 million (2002: £2.7 million).

Neil Bellis, Chief Executive of Erinaceous, commented “We have successfully grown Erinaceous both organically and through acquisition as a private company. However, an AIM listing will increase our corporate profile and the money raised will, in addition to providing working capital for the operations of the Group, enhance our ability to realise further acquisition opportunities in our fragmented marketplace. It provides an ideal spring-board from which to develop Erinaceous into one of the UK’s leading property and facilities management groups.”

For further information please visit www.erinaceous.com or contact:

This information is derived from and should be read in conjunction with the full text of the Pathfinder.