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Suit supplier Bagir Group plans London listing as it looks to expand

Marks & Spencer and Arcadia tailoring supplier Bagir Group is looking to raise £21m when it floats on the London Stock Exchange in April.

Bagir will launch on the Alternative Investment Market (Aim) on April 14 and will use the money to reduce its debt and grow its international business.

The business, which entered the Australian market last year, will focus its expansion on this territory along with the US and UK.

Bagir is being advised by N+1 Singer. An investor roadshow started last week for the float, which is expected to result in between 40% to 60% of the business being sold.

The price of the shares will be revealed on April 7 with a prospectus expected to be published the following week.

The group, which was founded in 1961, licences brands including Simon Carter, Austin Reed’s AR Red and Jay Godfrey. It also supplies suits to Burton, John Lewis, TK Maxx and House of Fraser. Bagir claims it has a 40% share of the formalwear business at both Arcadia and M&S.

The majority of Bagir is owned by Israeli private equity firm FIMI and has six offices across the world including one in Kentish Town, north London. Bagir posted a 15% rise in revenues to $99.5m (£59.8m) as EBITDA climbed 83.2% to $6.1m (£3.7m) in the year to December 31, 2013.

Bagir is the latest fashion business to list in London this year, following etailer Boohoo.com, which floated in March.

Bagir did not respond to requests for comment.

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