Ekay heading for AIM
Advertising agency Ekay is to float on AIM at the end of November, eleven years after the founder established the company.
The company, which provides advertising consultancy and other services for small and medium-sized enterprises, plans to raise about £3m for a total value of £11.5m when it floats on 30 November.
The chief executive Eddie Powell founded the company in 1994 following the death of his wife.
He said: “I had two young kids of seven and nine, and I couldn’t be at the office all day as I had to look after them. So I decided to found my own company, which would give me more flexibility with hours.”
Ekay has now grown to 24 employees, and reported a pre-tax profit of £1m for the full year to 31 March.
Ekay focuses primarily on media planning and buying, which includes broadcast, direct marketing, outdoor, online, print and press. The firm also advises on marketing research and design.
Its biggest client is Ocean Finance. Powell plans to use the money raised to acquire other businesses.
He is in talks with a number of companies. He has said that he hopes to make an announcement in the next few months.
He tells CityA.M.: “To be honest, the float and all it entails is not my day job.
“I specialise in media buying and planning, and that’s what I enjoy doing.
“The float is just a means to the next stage of acquisitions.”
