Trading began in May Gurney shares this week, following a flotation of the Norfolk-based construction services and maintenance company.

The company is valued at £130M. The placing on the Alternative Investment Market was two times oversubscribed, despite recent falls in share prices. May Gurney raised £44M from city institutions, of which £13.5M will be retained within the business and the rest distributed to 500 shareholders who are current or former employees. Founded in 1926, as a civils contractor in water, sewerage, flood defences and roads, it moved from capital works towards maintenance services under chief executive, David Sterry.

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