FinTech firm goes public

Ferguson to press button on £150m Nucleus flotation

David Ferguson

David Ferguson: founder (photo by Terry Murden)


Nucleus, the Scottish financial wrap company, will unveil plans for a flotation on the London Stock Exchange on Monday.

City sources say the Edinburgh-based business will be valued at £150 million on the Alternative Investment Market, making a paper fortune for its founder and chief executive David Ferguson.

The company, which has hundreds of financial advisers using its platform, has grown substantially in recent years and now has more than £13.6bn under administration.

The initial public offering (IPO) is expected to see it raise about £25m from the sale of shares and confirms long-intended plans by Mr Ferguson who launched the business in 2006. Fellow platform Transact listed in March.

Nucleus reported a sixth year of profits growth last year to a record £5.1 million, a 19% increase on the previous 12 months  and declared a £4.8m maiden dividend. 

Gross inflows increased by 41% to £2.6bn while net inflows were up by 72% from £1bn to £1.7bn representing a gross/net ratio of 64%. Revenue increased by 21% to £40.4m from £33.3m in the previous year. 

Sanlam, the international financial services group based in South Africa, is a major shareholder in the company.

Nucleus has recently relocated from Thistle Street to a newly-refurbished head office by the Chris Stewart Group at the foot of Calton Hill.

Mr Ferguson was recently appointed chairman of FinTech Scotland.

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