Adviser to the financial advisers SimplyBiz is set to float for £130m

The SimplyBiz Group, which provides compliance and business services to financial advisers, had announced it will float in London next month for £130m.

As the UK's largest compliance services provider, SimplyBiz is expecting to raise £30m when it floats on 4 April.

Selling shareholders – mainly Ken Davy, Life President of Huddersfield Town FC, and family and trusts – will net an additional £34.5m between them.

The firm has more than 3,400 members and, as well as offering compliance services, allows financial institutions like Schroders, Aviva and Invesco to market and distribute their products to retail investors.

"Through our entrepreneurial culture and clarity of strategic vision we have become a disruptive force in financial intermediation, building a membership base of over 3,400 adviser firms and associated proprietary network of 135 financial institutions," said joint chief executive Matt Timmins.

“Our business is underpinned by strong structural growth drivers and benefits from a highly visible earnings stream. We are well placed to deliver ongoing margin expansion and profitability and look forward to continuing to deliver for our shareholders post-IPO.”

SimplyBiz, whose co-chief executives Timmins and Neil Stevens are childhood friends, engaged Zeus Capital as broker.

Since the pair began running the business in 2010, revenues have grown 366 per cent from £12m to £44m.

Davy, who is now 76, will remain a non-executive chairman but felt it was the right time to transition from a family-led to an institutionally backed business.

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