Lloyd, a former surveyor, founded the company from his home in 1998, using his house as security. The gamble paid off and Eatonfield is now well established as a leading commercial and residential property developer in Wales and the north of England.
Flotation on AIM will cap the business at £28.75m, with a total of £15m raised before costs. Lloyd is cashing in £5m (before expenses) of shares while the company will receive £9.1m to fund future growth.
The group specialises in identifying and acquiring land that either may require change of use or is without obvious development potential. The company is also a developer of eco-friendly housing.
The flotation will give Eatonfield, based in Mold, North Wales, the profile and funding to increase both the size and spread of its operations.
Lloyd, who continues as chief executive, said: “The board believes the AIM flotation will take the company to the next phase of its growth. I am delighted with the response from investors.
“The fund raising will enable the group to do more and larger developments, continuing our track record in successful brownfield developments and urban regeneration projects, and support our plans for expansion across the UK.”
© Crimson Business Ltd. 2006
