Debts entrant seeks £8m is looking for a £34 million flotation on AIM in early June in order to tap into the worrying growth in personal insolvencies.

The Chesterfield-based company, led by chief executive and founder Paul Carter, hopes to raise £4 million of new money and another £4 million through a vendor placing. is comprised of a variety of companies offering a number of services to debtors, not only Individual Voluntary Arrangements (IVAs), the main focus of peer group players, but also solutions such as debt management programs and secured consolidation loans.

The company estimates it has five per cent of the IVA market, some way behind market leader Debt Free Direct with 20 per cent. Pricing details for the float have yet to be finalised.

Monies raised at float will be used for working capital purposes and to ramp up marketing efforts. The group’s ‘post money’ valuation is likely to be around £34 million.

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...