Huddersfield businessman Ken Davy is considering major changes to his financial services firm.

The chairman of Huddersfield Giants has brought in experts to look at selling or floating a stake in SimplyBiz, the compliance firm he founded in 2002.

A deal could value it at about £100m.

But the 74-year-old businessman insists he will be staying involved with the firm and said the move was a way of helping it grow still further.

It now provides financial services to more than 2,300 firms across the world.

Mr Davy has hired BDO to review options for SimplyBiz, which advises law firms and independent financial advisers on regulatory affairs and has expanded rapidly in recent years.

One option is to float the company on the AIM, the London Stock Exchange’s market for smaller growing companies..

Mr Davy could also reduce his holding in favour of colleagues, who he described as a “dynamic young team”.

New future for Huddersfield firm SimplyBiz
 

SimplyBiz has 360 staff, based at head offices at the John Smith’s Stadium in Huddersfield, and has grown enormously in the 12 years it has been running. It was founded by Mr Davy little over a year after he sold his previous financial services firm, DBS, for a reported £75m.

Speaking exclusively to the Examiner, Mr Davy said: “I can confirm that we are working with financial advisers at BDO to look at various options which could include an Information Technology Outsourcing project, flotation on the AIM or a potential dilution in some other way.

 

“We have made three major acquisitions in the last 18 months and a couple in the two years prior to that. We are a rapidly expanding company and I am far more excited about where we are heading that at any time in the past 12 years.

“I am keen to develop our very exciting dynamic young management team but I have no intentions of getting rid of the business or not remaining as chairman.

“I obviously want to see the company continue to grow and move forward and we are now a leading figure in the world of regulatory work.

“One exciting new option is to work with credit control firms but everything we do is about helping our customers work more effectively and compliantly”.

BDO are a firm of chartered accountants and business advisers who specialise in helping businesses achieve their goals and grow..