In 1998 the firm felt the pinch of a slumped market, working on only about seven IPOs. But as the market recovered, so the volume of work grew. In 1999 it worked on 13, and from January 2000 to the present day it has worked on nearer 20. This policy is borne out of the belief that an equivalent size lends weight to client relationships. For Maule, the real advantage to AIM work is the opportunity to develop ongoing relationships through the board.
Coffee Republic is an example of one such client.
But Maule concedes that it is inevitable that any dynamic can be jeopardised once the company starts to grow and larger investment houses are brought on board, although this has not been the case with Coffee Republic. There are 19 corporate finance partners in the group, working under finance head Rodney Dukes. Tim Eyles is the corporate and overall head. Simon Walker and Tim Stocks take care of the bulk of the AIM work, although it is not their sole practice area. Stocks has a specific relationship with the investment houses and brokers, a key one being Brown Shipley.