5th Aug 2016 08:04
LONDON (Alliance News) - Franchise Brands PLC on Friday began trading on AIM after raising GBP3.5 million in its initial public offering on Tuesday.
Shares in Franchise Brands were trading at 40.7 pence on Friday morning, above the 33p at which it placed its shares in the IPO.
The group, which calls itself a "multi-brand franchisor" had a market capitalisation on admission of GBP15.6 million.
Franchise Brands has a combined network of over 350 franchisees in 12 countries, but predominately operates in the UK. Its current brands are mobile car paintwork repair brand ChipsAway, mobile domestic oven cleaning brand Ovenclean, and premium residential house cleaning brand MyHome.
Its strategy is to focus on development of the franchise businesses that provide services to individuals and small-to-medium-sized enterprises.
"We are delighted to announce our admission to AIM following a well-supported fundraising in which a number of high quality institutional investors participated. We welcome our new shareholders and look forward to updating them and the wider market as we build on our success to date, and expand the group through the acquisition of complementary businesses," Executive Chairman Stephen Hemsley said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Franchise Brands