Expansys, the mobile phone retailer, is to float on AIM and is expected to raise £10m, it has been reported.
The Manchester-based company, founded in 1999 by Matt Kydd, generates sales of £54m a year and employs 170 staff.
The company has also expanded across the world with offices in the US, France, Australia and the Far East and employs 170 staff.
Expansys says it has over 250,000 customers in 125 countries and ships nearly 1.5m products.
Chief executive Roger Butterworth told the Manchester Evening News that he had considered backing from venture capitalists but favoured an AIM-float.
“It is a rigorous process but AIM is accommodating and I would recommend it to anyone with a growth business looking to refinance,” he said.
“We want to move forward and become a major player in the online market.
“The industry is consolidating and we are looking for acquisitions and also to grow organically.”
He and Kydd, now the company's technical director, will sell off 16% of their 37% stakes for the float.
Expansys will commence trading on April 5, 2007.
© Crimson Business Ltd. 2007
