Nursery World - Leapfrog nurseries poised for flotation

Leapfrog Day Nurseries, the UK's second-largest nursery chain, has announced its intention to float on the London Stock Exchange in the first half of this year in a bold move which will be closely watched by the City and other private providers. Leapfrog hopes to raise 30m through the flotation, with the company valued at an estimated 70m. The cash is intended to fund Leapfrog's continuing expansion and wipe out its trading losses.

Leapfrog hopes to raise 30m through the flotation, with the company valued at an estimated 70m. The cash is intended to fund Leapfrog's continuing expansion and wipe out its trading losses.

The group was established in 1998 by former pub chain boss Derek Mapp and early years consultant and nursery group director Sue Husbands. It operates 34 nurseries with a further ten due to open over the next year. It plans to open 15 a year thereafter. Most of its nurseries are freehold, adding to the group's value.

Derek Mapp, executive chairman, has brought substantial strategic and financial experience to the group and has steered a company through the process of flotation before. He founded the Tom Cobleigh pub chain, which floated in 1995, and was bought by Rank Leisure in 1996. Sue Husbands, managing director, previously ran a consultancy assisting new nursery operators and ran her own group of six nurseries.

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