Property services firm Erinaceous Group is set to raise an estimated £10m though a flotation to finance further expansion.
Erinaceous, which includes public sector specialist Haywards Property Services, has applied for admission to AIM, the alternative investment market.

It will use the cash generated by the flotation to make acquisitions across its divisions, although a spokesman said it does not have its sights set on any specific businesses currently.

Haywards, which includes the group’s public sector housing arm, has long-term management contracts with Westminster and Lewisham councils.

Chief executive Neil Bellis said: “We have successfully grown Erinaceous both organically and through acquisitions as a private company. But an AIM listing will increase our corporate profile and the money raised will provide working capital for the operations of the group and enhance our ability to realise further acquisition opportunities in our fragmented marketplace. It provides an ideal springboard from which to develop.”

The group has been growing rapidly since its creation in 1999. Its turnover increased by 57% last year to £33.7m and its pre-tax profit by 56% to £4.1m.

Source

Housing Today