Xchanging announces plans to float on the stock market this year

Xchanging, the HR outsourcing company that sponsors the Boat Race, has confirmed plans to raise about £150m by floating on the stock market later this month.

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The company has multi-million pound contracts to run the back-office functions, including HR, of the likes of BAE Systems and Alliance Boots.

Xchanging aims to use the money to fund further moves in the rapidly growing business process outsourcing market – worth £5bn in the UK alone. The 153rd Oxford-Cambridge Boat Race takes place this Sunday (7 April).