June 21, 2019
A foreign exchange business that helps sportsmen including Jofra Archer, the cricketer, and Jessica Mendoza the show jumper, to manage their earnings is to float on the Aim.
Argentex, founded in 2012, is majority-owned by the property tycoon Sir John Beckwith's Pacific Investments Group. The regulated provider of foreign exchange services to institutions, companies and high net worth individuals has conditionally raised £14 million at 106p per share. The owners plan to sell a further £32.5 million worth of shares. Argentex has been profitable every year since incorporation and reported revenues of £21.9 million and operating profit of £9.4 million for the year to end of March. Harry Adams, joint chief executive and founder of Argentex, said: ''The initial public offering will help us build on our unbroken track record of delivering profitable growth by supporting increased trading capacity, enabling us to meet the growing demand for our services,'' Mr Adams and Carl Jani, the joint chief executives, will have shareholdings of about 12.2 per cent. Other member of the management will together hold about 7.7. per cent.