Motoring history recalled by UPF flotation: Manufacturer of car chassis frames boasts 86-year link with Rolls-Royce
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Your support makes all the difference.A PIECE of British industrial history is coming to the stock market this summer with the flotation of United Pressings and Fabrications.
A subsidiary, Thompson Chassis, has made chassis frames for every Rolls-Royce car built since 1908 and made the frames for vehicles attempting to break the world land speed record in the 1930s, including Malcolm Campbell's Bluebird. The group will be valued at pounds 60m-plus in the float sponsored by UBS.
UPF was created as a holding company for a management buyout of the metal-bashing division of Parkfield, the video distributor that went bust in 1990.
Keith Evans, UPF's chairman, and Tim Bell, finance director, led the buyout from Parkfield's receiver. They and the rest of the senior management now have an 8 per cent stake, with the remainder owned by the venture capitalists who backed the buyout, led by Phildrew Ventures.
UPF also makes chassis frames for Range Rover and Land-Rover, Vauxhall's Frontera and London's famous black taxi cabs. It also manufactures drums for Hotpoint and Creda washing machines.
The group made operating profits of pounds 4.2m on turnover of pounds 35m in the year to the end of August. It expects to report further significant progress this year. A spokeman said the float would raise money for development after paying off debt and providing an exit for the venture capitalists. Acquisitions are likely to be on the agenda.
The management is not expected to sell many shares. Mr Evans said: 'After the successful buyout in 1990 and our strong performance since, a listing on the London Stock Exchange is a natural step forward.'
(Photograph omitted)
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