The first QS to be listed on AIM says it has agreed the sale of 9m of the 23m shares available

Construction and property consultant Cyril Sweett has announced its long-awaited flotation on the alternative investment market which will see it valued at £60.8m.

The company is the first QS to be listed on AIM and will sell 42.8% of the business raising £26.3m.

In an announcement today Cyril Sweett said that it had already agreed the sale of 9m of the 23m shares that will be available to trade from Wednesday next week and that this had raised £10m before expenses.

The remaining 57.2% of the business will be owned by existing private investors and the current management led by chairman Francis Ives, chief executive Dean Webster and chief finance officer Mike Kemsley.

Ives said: “We believe that the group is excellently placed to contribute to the on-going consolidation of the highly fragmented construction market. The money raised will provide us with the acquisition currency to make acquisitions both in the UK and internationally.”