£230 million flotation plans for Wakefield video game developer
Tue 08 May 2018
Wakefield developer and independent publisher Team17 is going public, it confirmed today, seeking admission of its shares onto the AIM market of the London Stock Exchange.
The Wakefield video games company which is set for a £230m flotation by the end of the month, was responsible for the iconic game Worms and more recently, Overcooked, The Escapists and Yooka-Laylee.
Team17, which also has offices in Nottingham, is reported to have a core area of premium personal computer and console market valued at a combined $49bn in 2017 and is projected to grow to $59bn in 2021.
Team17’s revenues for the year 31 December 2017 increased to £29.6m (2016: £13.5m) and adjusted EBITDA increased to £12.9m (2016: £6.1m).
Debbie Bestwick, Chief Executive of Team17, says: “We have created an immensely powerful base from which to continue to grow our business, supported by a hugely talented team and an ever expanding stable of world class content and partners.
“We firmly believe that an IPO will not only broaden the profile of the business globally but will enable Team17 to continue to capitalise on our position as a leading independent video games label for indie developers, as well as continuing to successfully develop our own IP in house.”
The latest development follows the £16.5 million investment made in the company by Lloyds Development Capital (LDC) in September 2015, which it used to acquire The Escapists and its developer Mouldy Toof Studios.