The proceeds will provide working capital and finance acquisitions.

Based in Manchester, Alvaston is a newly incorporated company that aims to acquire or invest in advertising, design or marketing businesses.

It has not yet started trading but is already looking at making acquisitions that could constitute reverse takeovers. Any transactions would be funded with cash, equity and possibly debt.

Managing director Mark Brown holds 10 million shares in Alvaston, or some 8 per cent of its issued share capital. Meanwhile, non-executive director Edward Levey owns 3 million shares.

Keith, Bayley, Rogers & Co was corporate adviser to Alvaston.