The founding father of AJ Bell, considered one of Britain’s most profitable retail funding platforms, is to take the helm of a fast-growing sports activities diet, well being and wellness model because it speeds in direction of a London itemizing.
Sky News has learnt that Andy Bell, who stepped down as chief govt of AJ Bell in 2022, is to turn out to be chairman of Liverpool-based Applied Nutrition.
His appointment is known to have been ratified at a board assembly on Tuesday.
It can be Mr Bell’s first function since leaving the corporate he based, with sources saying that he had already demonstrated his confidence in Applied Nutrition’s prospects by buying a shareholding within the firm.
City insiders mentioned that Mr Bell’s appointment would make an preliminary public providing of the 10-year-old firm extra credible, however cautioned that there was no certainty that one would happen.
Deutsche Numis, the funding financial institution, has been employed to advise on the potential for a float.
One supply mentioned a mooted £1bn valuation for the corporate was “highly speculative” and prone to be decrease on the level of an IPO.
Founded by Thomas Ryder, Applied Nutrition is backed by JD Sports Fashion, which holds a stake of about 30%.
The remaining shares are understood to be owned by Steven Granite, the corporate’s chief working officer.
Applied Nutrition formulates and makes premium dietary supplements for skilled athletes and health club fans.
It is the official diet accomplice of a spread of English soccer golf equipment, together with Premier League facet Fulham and the Scottish Premiership facet Glasgow Rangers.
The firm, which sells its merchandise in over 60 nations, additionally has partnerships with skilled boxers, MMA stars and in sports activities together with basketball, biking and rugby league.
It is alleged to be in negotiation to enroll an additional roster of outstanding ambassadors within the coming weeks.
Applied Nutrition’s largest manufacturers embrace ABE – All Black Everything – which is a pre-workout vary now stocked by Walmart, the world’s greatest bodily retailer and former proprietor of Asda.
Other merchandise in its portfolio embrace BodyFuel, a hydration drink.
Applied Nutrition has seen speedy progress in recent times – and is heading in direction of a £100m gross sales milestone throughout the present monetary yr.
A big chunk of that progress is anticipated to return from the US, the place it has established a subsidiary in Texas.
Accounts for the yr to the top of July final yr disclosed a 74% rise in turnover to £61.2m, with earnings earlier than curiosity, tax, depreciation and amortisation rising by 80% to £18.1m.
A profitable itemizing for Applied Nutrition would signify a lift to the London Stock Exchange’s efforts to draw fast-growing corporations to drift.
Decisions by a rising variety of corporations to shift their listings to the US – with Paddy Power-owner Flutter Entertainment changing into the newest instance – have solid a pall over the City.
Last yr noticed the variety of corporations going public in London halving, with proceeds raised from preliminary public choices (IPOs) falling by 40% yr on yr.
The City regulator has responded by asserting plans to reform London’s itemizing guidelines, together with by scrapping the usual and premium segments of the market.
Applied Nutrition declined to remark.
Source: information.sky.com”