A finance firm set up above an Italian restaurant nearly 20 years ago has emerged as one of the first companies to confirm a London listing this year.
Transact, which provides software to over 5,000 financial advisers and posted profits of £37m last year, has told the market through its parent group IntegraFin that it would list on the London Stock Exchange in March following years of speculation over its plans.
The firm was set up above The Firehouse restaurant in London's Shoreditch in 1999 by Mike Howard, the former chairman of the firm, and Ian Taylor, who remains chief executive. The initial team consisted of an accountant, a technical specialist and a HR expert but has expanded to over 500 employees and is based near the Bank of England.
Mr Taylor said his company had been boosted by a "growing demand for financial advice, an increasingly complex investment landscape, pension freedoms and strong growth drivers in the UK wealth management market."
The firm said that it will not issue any new shares through the deal. The aim is to provide the group with access to capital markets "to aid future growth, if required" as well as give existing investors the chance to realise some of their investment, the company said.