A supplier of software to post offices around the world is plotting a return to the London stock market six years after it was taken private.
Sky News has learnt that Escher Group, which had long-term contracts with Fujitsu, the Japanese giant which was at the centre of the Horizon IT scandal, is working with bankers on a potential initial public offering (IPO).
City sources said that a flotation could take place late this year, although a 2025 listing was more likely.
Money latest: McDonald’s reveals biggest expansion in 20 years
Singer Capital Markets has been appointed to work on the plans.
A spokeswoman for Escher declined to comment on the timing or details of an IPO, but said it was not currently a supplier to the UK Post Office.
The company’s current customers include the US postal service, she added.
It also supplies retailers and companies in other sectors, but describes itself as “the global leader in customer engagement software for Post Offices and couriers”.
Read more from Sky News:
Expectations rise for another interest rate cut next month
Yachts like Mike Lynch’s are ‘unsinkable’ – CEO of boat firm
Escher was taken private in 2018 by Hanover Investors, a London-based firm, in a deal which valued its shares at about £35m.
Its valuation in an impending IPO was unclear on Thursday.
Hanover’s other investments include the luxury motor yacht manufacturer Fairline.
