A Birmingham couple who listed their family business on the stock market yesterday saw their stake valued at £16m
A Birmingham couple who listed their 65-year-old family business on the stock market yesterday saw their stake valued at £16m.
Richard Barton, 60, and his 62-year-old wife Anne run Strip Tinning, which was founded by Richard’s father Cecil in 1957, making wires for coils and general engineering applications.
Barton joined the firm as managing director in 1993 when it had four employees. Strip Tinning has 175 staff and makes specialist components for car makers such as Audi and Ford used in applications including heated windows.
It also makes parts for electric car batteries and is hoping to capitalise on what Barton sees as the huge opportunity for growth as car owners move away from petrol.
The float valued the firm at £28m, meaning the Bartons’ stake was worth £16m. They were also among a group of investors who sold £3.5m worth of shares. Shares closed flat at 185p after initially shooting as high as 197p.
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