Quayle Munro

Last updated

Quayle Munro
Industry Merchant Bank
Founded1983
Headquarters London, England, UK
Key people
Andrew Adams, CEO
Website www.quaylemunro.com

Quayle Munro was a merchant bank founded in Edinburgh, Scotland, in 1983. [1] The bank specialised in corporate finance advice. [2] In 2012 the firm moved its headquarters to London. [3] Quayle Munro was acquired by Houlihan Lokey in January 2018.

Contents

History

The company was founded by Ian Quayle Jones and Michael Munro. [1] Jones had previously been an executive director of the British Linen Bank and Munro a director of East of Scotland Investment Managers. [1] The company was set up to provide 'professional financial services to industrial and commercial companies, particularly those operating in Scotland and the North of England'. [1] The company office was at 42 Charlotte Square and the first chairman was Sir Alan Smith. [1]

In the 1980s, the company was involved in Dawson International's £650 million bid for Coats PLC and the £135 million full placing and listing of Shanks Group. [4] Quayle Munro also assisted the Scottish Office with the privatisation of ScotRail and the Scottish Bus Group, the disposal of Scottish Enterprise's investment portfolio, the funding arrangements for the Skye Bridge and were advisers on the options regarding privatisation of water facilities in Scotland. [5] [6]

The Skye bridge deal was the first private finance initiative (PFI) deal in the United Kingdom. [7] Quayle Munro became the preferred adviser for the majority of PFI deals in Scotland until the introduction of the Scottish Futures Trust in 2008. [7]

In March 1993, the bank announced that it would be making a reverse takeover of East of Scotland Industrial Investments. [8] The new company would be called Quayle Munro Holdings and would seek a listing on the London Stock Exchange. [8] In June 1993, Quayle Munros shares' commenced trading on the Stock Exchange. [9]

In 2003, Quayle Munro, moved its listing from the main stock market to the Alternative Investment Market (AIM). [10] Ian Jones, chairman, stated that 'the AIM did not exist in 1993 and was now more appropriate for the company's structure'. [11]

In July 2007, Quayle Munro acquired New Boathouse Capital in London for £7.5 million, to expand its corporate finance business. [12] The bank also bought London based, Van Tulleken, a corporate advisory firm specialising in media and information technology in April 2008. [13]

In July 2012, the bank moved its headquarters to London, to focus on its corporate finance business. [3] The project finance business based in Edinburgh was sold to senior management in September 2012, with Quayle Munro Holdings retaining a 30% share in the new company, Quayle Munro Project Finance. [2]

In July 2013, Quayle Munro Holdings announced that it would be delisting from the Stock Exchange to become a private firm. [14] The move was designed to simplify the company's structure and streamline costs. [14]

In January 2018, Quayle Munro was acquired by Houlihan Lokey. [15]

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References

  1. 1 2 3 4 5 "Quayle Munro sets up in Charlotte Square". The Herald (Glasgow) . 25 March 1983. p. 13. Retrieved 27 March 2014.
  2. 1 2 "Quayle Munro confirms sale of Edinburgh operation". BBC. 20 September 2012. Retrieved 30 March 2014.
  3. 1 2 "Quayle Munro to exit Edinburgh HQ over 'unviable' costs". BBC. 26 July 2012. Retrieved 27 March 2014.
  4. ↑ "Quayle Munro shares set to soar". The Times . 6 June 1993. ProQuest   317970301. Formed in 1983 Quayle Munro has kept a relatively low profile despite being involved in some of Scotland's largest corporate transactions including the £650m agreed Dawson International bid for Coats Paton and the £135m full placing and listing for Shanks Group
  5. ↑ "Quayle Munro shares set to soar". The Times. 6 June 1993. ProQuest   317970301. The company's profile has been raised recently with large assignments for the Scottish Office, working on the privatisation of the Scottish Bus Group, handling Scottish Enterprise's investment portfolio, and funding arrangements for the Skye Bridge. Its most controversial appointment was advisers on the options for privatisation of water and sewerage facilities in Scotland
  6. ↑ "The small firm making a big name for itself". Sunday Herald . 19 December 1999. Retrieved 28 March 2014.
  7. 1 2 "When success follows with every new step". Daily Record (Scotland) . 28 November 2008. Retrieved 28 March 2014.
  8. 1 2 "Merchant bank reverses into East of Scotland Industrial Investments. Quayle Munro decides to go for June flotation". The Herald (Glasgow). 26 March 1993. Retrieved 28 March 2014.
  9. ↑ "Quayle Munro shares set to soar". The Times. 6 June 1993. ProQuest   317970301. Quayle Munro, the Edinburgh merchant bank based in Charlotte Square, will this week get a taste of its own medicine when its shares commence trading on the Stock Exchange
  10. ↑ "Quayle Munro abandons main market for AIM". The Herald (Glasgow). 19 September 2003. ProQuest   332968736. Quayle Munro, the corporate finance and investment boutique, is to move its listing to the Alternative Investment Market after 10 years on the main market
  11. ↑ "Quayle Munro abandons main market for AIM". The Herald (Glasgow). 19 September 2003. ProQuest   332968736. Ian Jones, chairman and co-founder of the company, said the AIM did not exist in 1993 and was now more appropriate for the company's structure
  12. ↑ "Quayle snaps up M&A adviser". Financial Times . 9 July 2007. ProQuest   250035121. Quayle Munro, which has a market capitalisation of £50m, decided to look for a corporate finance business to bolster its advisory practice, which has focused primarily on public finance initiatives and public to private partnerships, said Ian Jones, chairman. "NBC is now where we were several years ago, so we saw this as a good way to get back into traditional corporate finance," said Mr Jones, who will be executive chairman of the combined company
  13. ↑ "Norris notches up second deal". Financial Times. 14 April 2008. Retrieved 31 March 2014.
  14. 1 2 "Quayle Munro is going private". The Scotsman . 12 July 2013. Retrieved 30 March 2014.
  15. ↑ Spink, Christopher (16 January 2018). "Houlihan Lokey expands with Quayle Munro buy". Reuters. Retrieved 28 October 2020.
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