Mind Gym float to net founders £50.8m
Co-founded by Octavius Black and Sebastian Bailey in June 2000, the firm has worked with 62% of the current FTSE 100.
The stock market flotation of behavioural science firm Mind Gym will net its owners, including Octavius Black, £50.8 million.
Mr Black, an Eton alumnus and friend of David Cameron, his wife Joanne and the company’s co-founder Sebastian Bailey will pocket the windfall when Mind Gym lists with a market value of £145 million.
Mind Gym uses behavioural science to encourage its clients’ staff to approach work differently and tackle problem solving in inventive ways.
Co-founded by Mr Black and Mr Bailey in June 2000, the firm has worked with 62% of the current FTSE 100 and 59% of S&P 100 companies.
Mind Gym’s IPO will raise our profile and help us lead the development of psychological tools to make companies more diverse, ethical, agile, productive, innovative, healthy and profitable Octavius Black
It has a presence in the UK and a growing US and Singapore operation.
Shares will list on the London Stock Exchange’s junior AIM market at 146p per share.
Mr Black, his wife – who also chairs the firm – and Mr Bailey will retain 64.6% of the company.
In addition, former TalkTalk boss Baroness Dido Harding will become an independent non-executive director at the group.
Mr Black said: “Today behavioural science comes of age. When we started out 18 years ago at my kitchen table, it was readily dismissed; now, the way businesses use behavioural science determines their success.
“Mind Gym’s IPO will raise our profile and help us lead the development of psychological tools to make companies more diverse, ethical, agile, productive, innovative, healthy and profitable.”
In the year ended March 31 2018, Mind Gym generated revenues of £37 million and profit after tax of £4.4 million.
Mind Gym has a portfolio of more than 300 products, typically bite-size 90-minute sessions delivered face-to-face in virtual classrooms or digitally through a network of 293 coaches.
“We are delighted by the level of support we have received from such reputable investors.
“Together with our team of ever-curious and deeply committed colleagues, we look forward to leading the thinking on thinking, and so transforming the performance of businesses and the lives of the millions of people who work in them,” Mr Black added.