Umbro kicks off IPO before Euro 2004

Sportswear company Umbro, will make its stockmarket debut days before next month's Euro 2004 championship.

Sportswear company Umbro, will make its stockmarket debut days before next month's Euro 2004 championship.

Umbro said today shares in its initial public offering would be priced at 150 to 190 pence each, valuing the 84-year-old sportswear firm between £177 million and £202 million.

The flotation will reap £14.5 million for chief executive Mr Peter McGuigan, a former Mansfield Town player.

Umbro, the official kit supplier to the England team, expects to start trading on June 3rd, in the hope of piggybacking on the feel-good factor in the run-up to Euro 2004 in Portugal.

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It will compete for investor attention with listed sportswear giants Adidas-Salomon and Nike.

"Umbro believes it is well positioned to take advantage of the increasing worldwide interest in football," the firm said.

From a small workshop in the northwest town of Wilmslow, near Manchester, Umbro has grown into an international group that has kitted out the Brazil national football team, Russia's Spartak Moscow and Turkey's Galatassary. Founder Harold Humphrey coined the name Umbro from Humphrey Brothers in 1924.

During World War Two it switched to making shirts for the armed forces.

England won their one and only World Cup, in 1966, wearing Umbro gear. Umbro was also worn by arguably the best team of all-time - Pele's Brazil World Cup winners of 1970.

Earlier this week the company signed star England striker Michael Owen to a new 15-year endorsement deal.