EV Cargo Looking to Raise Funds with Market Flotation

EV Cargo Looking to Raise Funds with Market Flotation

In a bid to raise funds to achieve more companies, global logistics business EV Cargo has announced it is considering a London stock market flotation worth £1 billion. With this, Founder and Chief Executive Heath Zarin is aiming to make the company one of the world’s top 20 logistics firms.

Zarin said that flotation is a “possible step” to achieve its growth goal, but he added that there is no timetable in place. The company was considering a flotation on the London Stock Exchange, but is wary of its recent flotation track record after a number of recent high profile failures, including flotations attempted by Deliveroo, Dr Martens and Moonpig.

“We would, of course, consider a listing on the London Stock Exchange,” he said. However, he added that Hong Kong is home to the company’s global HQ and a flotation there would marry with the company’s ongoing plans to expand in the region.

EV Cargo operates and manages road, sea and air freight, with a network of 9 million sq ft of warehouse space and 20,000 delivery vehicles. The company employs 5,000 people in the UK, including 2,200 drivers. In its group of companies it includes CM Downton, NFT Distribution, Palletforce and Allport Cargo Services and counts Asos, Primark, Next, Asda, Sainsbury’s, Kraft Heinz, Dyson, AB InBev and Fever-Tree among its customers.

Zarin added that another viable option is Wall Street particularly with a potential US acquisition on the cards. “Any of those three would be under consideration as the listing venue and each has its respective strengths,” he said. “Unfortunately, the London Stock Exchange in recent years has had a few public listings that haven’t gone as well as they could have done.”

“A key thing would be to see some success stories occurring there. That would be encouraging. We are a technology-enabled logistics business born out of the UK but competing on a global basis, and so it is something that we certainly would be considering.”

Despite the stresses of supply chain delays, the lorry driver shortage, soaring fuel bills and an approaching economic recession, Zarin said he is “more optimistic” than some observers, noting that “consumers still have money’ and are continuing to spend it.

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