On-line auctioneer set for pounds 700m flotation
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.QXL, THE on-line auctioneer, is considering floating on the London Stock Exchange, making its founder, the journalist and writer Tim Jackson, a multimillionaire.
"We have hired Credit Suisse First Boston for strategic and financial advice, including a possible float," said Cheryl Gale, QXL's spokeswoman.
Mr Jackson, who founded QXL in September 1997, yesterday said he had no comment to make on the company or its possible flotation. The company, based in west London, is thought to be worth over pounds 700m.
According to friends, QXL was started after Mr Jackson caught the entrepreneurial bug on a visit to the US. He decided that Europe needed a company similar to eBay, the US Internet auctioneer now capitalised at $18bn (pounds 11bn). Private investors, including Jonathan Bulkeley, chief executive of the Internet arm of Barnes and Noble, the US bookseller, provided the initial funding.
QXL has native-language websites in the UK, France and Italy. Each has a direct sales site, through which QXL markets personal computers and electrical goods. There is also an exchange site, the Internet equivalent of a car boot sale, at which browsers can auction their own possessions.
Mr Jackson has no executive role in the group, which is headed by Jim Rose, the American who set up the Internet site for Blackwells, the UK publisher and bookseller.
"Tim is very open about the idea of sitting back. Going forward it will be Jim who is growing the business on a day-to-day basis," said Ms Gale.
Apax Partners bought a pounds 12m stake in QXL in February. QXL yesterday sought to play down suggestions a float was imminent. "There's a whole range of fundraising options and partnership possibilities open to us. There's no timetable for a float yet."
Mr Jackson is a former foreign correspondent for The Independent.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments