Numis finally gets shot of Centaur

STOCKBROKER Numis has pulled off the controversial float of magazine publisher Centaur, despite widespread speculation that it was having trouble securing investors.

Numis chief executive Oliver Hemsley said 'the deal is done and well subscribed', at a price that values Centaur at £145m. It will be formally announced today.

This will be a relief to Numis. Its original purchase of Centaur, owner of Money Marketing and The Lawyer, provoked criticism. It emerged last night that Numis was sacked as broker to magazine firm Incisive this week.

Incisive was furious that Numis bid against it to win the auction for Centaur and complained to watchdog the FSA. Numis said it is 'disappointed' to lose Incisive, but 'the suggestion that there was any conflict of interest was utterly misplaced'.

Hemsley refused to comment on market talk that Legal & General had pulled out as lead underwriter for the Centaur float. He said: 'I don't discuss individual fund managers.'

A Numis spokesman hinted that broker rivals were spreading rumours to discredit it. 'There has been a sustained campaign of misinformation, orchestrated by people who don't want this float to succeed for their own reasons,'he said. 'We are glad that the quality of the business has shone through.'

He denied that the float price had been cut after investors balked at a £160m valuation.