Management and maintenance firm Pinnacle Regeneration Group plans to float on the stock exchange next month.
The flotation on the alternative investment market, the exchange for smaller companies, is expected to raise £15m.

The money will be largely put into the group's private finance initiative arm Regenter.

"The firm is going to bid for more PFI and will need working capital to do that," said a Pinnacle spokesman.

Regenter is a joint venture with developer John Laing. It is expected to bring in long-term housing services contracts for fellow group subsidiary Pinnacle PSG while using Pinnacle's housing management and maintenance experience.

Godfrey Blott, chief executive of Pinnacle, said: "The proposed flotation of Pinnacle will allow us to increase our profile and take advantage of the significant opportunities in our market."

Pinnacle's largest contract is a £4.5m deal with Hackney council in east London to provide housing management, estate cleaning and warden services. Regenter is also preferred bidder on a number of PFI deals, including a 1200-home scheme in Canning Town, east London. The deal is likely to be signed in autumn.

Source

Housing Today