Building consultant and facilities manager Erinaceous Group sees its proposed AIM status as a springboard for future acquisitions.
The group, formed in 1999, applied for a listing on the alternative investment market last week. It hopes to use the anticipated £10m it will gain in market value to fund growth. A spokesperson confirmed that the issue, set to start today, will be used to bulk up the company to a market capitalisation of about £60m.

The spokesperson said: "The directors have grown the company massively over the last few years, both organically and through acquisitions. The listing will be used to provide working capital and improve the company profile."

Turnover has increased from £4.3m in the group's first year to £35m in the year ended March 2003, with operating profits increasing from £570,000 to £4m. Group turnover was up 57% to £33.7m in the 12 months to 30 March compared with that period last year.

As yet there are no plans to float the group on the main stock market but the spokesperson said the firm's directors were seriously considering it.

Erinaceous has three operating divisions integrated as a one-stop shop for property services. Hanover Park Services was set up last year to provide support products for residential lettings; Hanover Park Commercial, acquired in 2001, handles insurance services; and Haywards Property Services, bought in 1999, works on public sector housing, residential management, building consultancy and facilities management.