The information disclosed on this page is to specifically ensure compliance with Rule 26 of the AIM rules (last updated on 16 March 2022)
Kinovo Plc is a company incorporated and registered in England and Wales with registered number 9095860
Kinovo Plc (the Company) was formed in 2015 as a holding company to provide a platform for strategic acquisitions in the gas heating, and general building services industries. Bilby currently owns 100% of Purdy Contracts Ltd (Purdy), DCB (Kent) Ltd (DCB), R Dunham and Spokemead Maintenance Ltd (Spokemead).
Kinovo acquired Purdy in July 2015. Purdy was formed in 1984 as a building and property services contractor, and is now resourced with specialist teams in heating, electrical services, property services and microgeneration systems.
Kinovo acquired DCB and Spokemead in April 2016. Spokemead has been established for over 35 years and now has a highly skilled and highly motivated workforce of over 30 fully qualified electricians, specialising in electrical installation and maintenance of local authority owned housing stock. DCB was established in 1998 and is renowned for delivering high-quality building, refurbishment and maintenance services throughout Kent, Sussex, Essex and London.
In November 2019, Kinovo acquired R Dunham which carries out electrical installation services and maintenance work for local government organisations and the private sector.
The Group provides services predominately to local authorities and housing associations across London and South East England. The experienced management teams place emphasis on the provision of a high level of service through which they have developed long-standing relationships with customers.
The Group has a clear geographic focus based on London and South East England. The Directors believe that, alongside a strong and experienced management, the Group’s geographic focus and disciplined approach to tendering for new contract work has helped to achieve above average operating margins compared to the publicly quoted peer group.
The Directors anticipate that continued growth will be underpinned by expanding opportunities in a growing market. The gas heating and general building services industries are benefiting from strong market fundamentals driven by government standards and legislation, such as the Decent Homes Standard, the Right to Repair Scheme and applicable gas safety regulations. Such government policies and initiatives place compulsory obligations leading to potential legal liability requiring local authority and housing associations to meet a minimum standard in all social housing. These obligations fall on housing bodies regardless of budgetary pressures and demands they face in other areas.
There are currently over 1.25 million local authority and housing association properties across London and South East England. For the year ended 31 March 2014 these social housing providers spent over £2.5 billion on the repair, maintenance and supervision of their housing stock.
The Directors believe that there are opportunities to expand the Group’s operations through further acquisitions of businesses operating in markets similar to Kinovo’s current businesses. Through consolidation by way of a ‘Buy-and-Build’ strategy the Directors believe that they will deliver further and accelerated growth. In particular, many of the larger and potentially significantly profitable social housing maintenance contracts are subject to pre-qualifying conditions, which are often based on a minimum level of revenue set above the Group’s current level of turnover.
The Directors believe that an enlarged group will be able to tender for such contracts.
Takeovers and mergers
The Company is subject to the UK City Code on Takeovers and Mergers.
Company contact information
Brooklyn Lodge, Mott Street, High Beech, Waltham Abbey, London, E4 7RW
The securities of Kinovo Plc are traded on the AIM market operated by the London Stock Exchange plc. Its shares have not been admitted, nor have any applications been made, for any of its shares to be admitted or traded on any other exchanges or trading platform
Advisors and registrars
Nominated Adviser, Financial Adviser & Sole Broker to the Company
Canaccord Genuity Limited, 88 Wood Street, London, EC2V 7QR
Solicitors to the Company
Dentons UKMEA LLP, One Fleet Place, London, EC4M 7RA
Auditor to the Company
Kingston Smith LLP, Devonshire House, 60 Goswell Rd, London EC1M 7AD
Hudson Sandler Ltd, 25 Charterhouse Square, London, EC1M 6AE
Neville Registrars Limited, Neville House, Steelpark Road, Halesowen, B62 8HD