The Westminster Group, the port security company, has announced that it intends to float on AIM next month.
The company plans to raise about £2.5m before expenses and will have a market capitalisation in the region of £8.5m
Westminster designs and supplies security measures such as scanners and detection systems for major facilities such as harbours, airports, oil refineries and pipelines. It has a numerous blue chip clients on its books as well as national governments.
The company, based in Banbury, Oxon, was formed in 1988 but bought out two years later by the Menvier-Swain Group Plc. In 1996, the company underwent a management buyout led by Peter Fowler, who remains as its chief executive.
Since then the company has concentrated on the fast growing international security market which, the company predicts, is set to grow by about eight percent each year.
Fowler said: “Westminster is one of very few truly international security companies which can design, implement and maintain increasingly complex solutions to protect high profile and high value assets around the globe.
“Growing technical and political barriers to entry have dramatically increased the value of our many years’ experience and proven track record within the international marketplace.”
The flotation is being handled by its nominated adviser and broker J.M.Finn and Co.
© Crimson Business Ltd. 2007