EVEN though the City of London wakes from its summer slumber this week, my thoughts are in Huddersfield. On a trip back to my hometown the other day I visited Fintel, a growing fintech stock and one of our Quoted Companies Alliance members.

Fintel is one of those companies that doomsayers insist doesn't exist on the London public markets. Through its SimplyBiz division it offers high-tech business and compliance support to financial advisers.

It is backed by a patient, cornerstone investor - Ken Davy, a well-known figure locally who owns the town's rugby league club. Salaries are well above the Huddersfield average and almost half the workforce participates in ownership - a reminder of how public companies drive local economies and share the wealth.

Fintel is putting its share quote to good use. When the Defaqto ratings business was bought in 2019, it raised £35m in two days' flat. More deals have followed.

There are familiar grumbles. Some shareholders want Fintel to make lengthy ESG disclosures over and above what has so far been required. Proxy agencies stir trouble over boardroom matters. And, unsurprisingly, its bosses think the share price could be higher.

I offer no investment advice but I'm less reticent on policy matters. July's Mansion House agreement struck by some of the UK's largest pension funds to channel up to £50bn into high-growth companies by 2030 is welcome. But seven years is a long time to wait.

We need to see a package of investment incentives, tax cuts and a revival of equity research in the Chancellor's Autumn Statement to halt the worrying decline in public company numbers.

Fintel is by no means alone. But if there were more like it, how much better it would be for the UK regions — as well as for the City infrastructure on which growing companies rely.

(c) 2023 City A.M., source Newspaper