Clipper Logistics Group has revealed plans to float on the London Stock Exchange (LSE) this year in a bid to raise funds to support it’s growth strategy.

The firm plans to change its name to Clipper Logistics Plc and apply to advertise its shares on the premium listing of the LSE. It will trade on the main market by way of an Initial Public Offering (IPO).

The company said it will not be making more shares available as part of the offer, which is open to UK-based institutional and professional investors. Instead the senior management and minor shareholders at Clipper will sell some of their stakes in the business, with executive chairman Steve Parkin expected to remain the largest shareholder after the completion of the IPO.

Clipper also revealed that its adjusted earnings before interest and tax (EBIT) for the year ended 30 April 2014 is estimated to have been £9.6m, a 10.3% rise on the previous year’s figure.

Parkin said the IPO is the next logical step to take to support Clipper’s growth plans.

"The IPO is the next landmark in the exciting development of Clipper, providing a platform for management to accelerate growth. I look forward to continuing my journey with Clipper, working with the board, management and shareholders," he said.

It also hopes to grow by winning new contracts, continuing its European expansion plans, acquiring businesses, and developing more products.

Last month the operator won a new contract with luggage firm Antler and another with leisure retailer Go Outdoors.

“By leveraging the strength of our customer proposition and focus on customer service and innovative new products, we have been able to deliver organic growth” Parkin added.

The company has not yet set a date for its IPO.

In January Clipper told The Hub that it had no firm plans to float on the stock exchange this year.

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