HIPs key to Network Data stockmarket float
Speaking at Network Data’s first annual appointed representative (AR) conference, in Newport, South Wales, Richard Griffiths, managing director of Network Data, confirmed the four separate brands of Network Data: Hipstar, Network Data Limited, Network Conveyancing Limited and Network Surveyors Limited, will all fall under the umbrella of Network Data Holdings plc when the company is floated later this year.
Griffiths confirmed Hipstar – its HIP distribution arm – would be key to Network Data’s growth in 2006, and said: “Our aim is to get closer to the property market, and ultimately to make more money. When we float, the main driver of our share price will be directly related to HIPs.”
However an industry source commented: “It seems quite a weird statement to make as a lot of detail still has to be decided by the ODPM. It is difficult to comprehend how HIPs will impact on the market but if Network Data is focusing on it, it must believe there is enough scope and interest in them.”
James Cotton, mortgage specialist at London & Country, said: “It’s early days with regards to HIPs and it’s interesting to see Network Data focusing so much attention on it. However, I don’t think the value of Network Data will rely solely on HIPs, as the company has become successful without them.”