Former UK Prime Minister Tony Blair suggested his son, Euan, isn’t likely to seek a stock market listing any time soon for Multiverse Group Ltd., the apprenticeship company he founded seven years ago, while warning the City of London risks losing its pre-eminence among global financial centers.
(Bloomberg) — Former UK Prime Minister Tony Blair suggested his son, Euan, isn’t likely to seek a stock market listing any time soon for Multiverse Group Ltd., the apprenticeship company he founded seven years ago, while warning the City of London risks losing its pre-eminence among global financial centers.
“I suspect that’s some way off,” Blair told Bloomberg TV on Tuesday when asked about a potential listing.
He said the decision is one for his son, adding: “I think he’s got people much better qualified to give him financial advice than me.”
Blair’s son stands to make hundreds of millions of pounds if Multiverse does seek a listing, after it secured $220 million (200 million euros) last year in a round of fund-raising that valued the company at $1.7 billion.
A document lodged at Companies House earlier this year shows Euan Blair holds about one-fifth of the company’s shares, valuing his stake at more than $300 million.
Asked what message it would send if his son chose not to list in London, Blair said “this is not for here and now,” before going on to warn about the risks London may lose influence.
“The serious point is we’re in a position, if we’re not careful, we’re going to lose altitude even with the City of London,” Blair said.
“No matter how much people complain about the financial services sector, it’s a major part of our economy, we’ve got to keep it strong, we’ve got to keep is pre-eminent.”
–With assistance from Ellen Milligan and Ben Scent.
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