Belvoir reveals £8m flotation plans
Grantham-based lettings franchise Belvoir has said it will float on AIM with plans to raise up to £8m through a share placing.
The company told the Stock Exchange this morning it intended to seek admission to trade on the market and would raise between £6m and £8m with the placing of new and existing shares.
Belvoir said its immediate strategy was to expand its network into new geographical areas.
It currently operates 142 franchised offices across the UK. At the year ending 31 December 2010, the company secured a £20m turnover.
Mike Goddard, chairman of Belvoir, said: "We believe an AIM listing is the best means to continue building on this momentum by increasing public awareness of the Belvoir brand and recognition of the group, as well as raising the profile of the group with its franchisees and their customers.
"The funds raised from the placing will enable us to execute our ambitious UK geographic expansion plans to increase our national reach and strong market presence. At the same time, the directors intend to pursue a progressive dividend policy, providing an attractive yield to shareholders."
