Six months work gains Eaga a listing

Jan 22 2008 By The Journal

Eaga plc is a UK market leader in the delivery of residential improvements in the environmental, social justice and energy efficiency arenas.

The company has been a long-standing client of PricewaterhouseCoopers, from the time when it was a social enterprise to the company's new life as a main list PLC. Starting in 2005, PricewaterhouseCoopers corporate finance advised management about alternative strategies for the company, one of these being an Initial Public Offering.

Several months later, Eaga decided that a listing on the London Stock Exchange was the best strategy as it enabled the company to remain true to its business ethos by ensuring that a substantial amount of value remained owned by its employees, through its Employee Benefit Trusts.

PricewaterhouseCoopers undertook the reporting accountants’ role, working with the eaga project team to deliver to a very tight deadline. The work was led by Bill MacLeod, audit partner in the Newcastle office, assisted by a team of individuals, including Jonathan Greenaway and Sandra Rodger.

The reporting accountants’ role was extensive, employing some 40 members of PricewaterhouseCoopers personnel at its peak, to undertake various elements of the role, including additional audits, an IFRS conversion exercise and the preparation of long-form and working capital reports.

The work took more than six months from start to finish, resulting in the first ‘Green’ Support Services business on the London Stock Exchange, with market capitalisation in excess of £450m.

Eaga has gone from strength to strength since the flotation, having acquired a further four businesses since that time.