Software company Smoove set to join London stock market exodus

A conveyancing software maker is in talks to join the growing exodus of companies from the London stock market.

Sky News has learnt that AIM-listed Smoove has received several takeover approaches from unnamed suitors.

City sources said on Monday that the company was engaged in discussions with at least one prospective buyer.

Smoove is a minnow in market capitalisation terms, with a valuation of less than £20m.

It says its mission is to “revolutionise home-moving and ownership”, and had sales of just over £10m in the first half of its financial year.

The company made a pre-tax loss of £3m in the six months to 30 September.

Nevertheless, the news that it has received bid approaches adds its name to the queue of London-listed companies in talks about takeovers.

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In recent weeks, Dechra Pharmaceuticals and THG, the owner of Lookfantastic and MyProtein, have disclosed talks about bids from private equity firms.

John Wood Group, the oilfield services provider, has also entered discussions about an offer from Apollo Global Management.

A Smoove spokesman declined to comment.