Yorkshire-based CityCarClub, bossed by charismatic Dutch entrepreneur Dirk Van Dijl, is on its way to OFEX with a Nash Fitzwilliams-led offer.

Car clubs, a new phenomenon in the UK but established in Switzerland, Holland and the US, give individuals or groups access to cars parked in private spaces and are accessible 24/7. Cars are available for use in exchange for a membership fee including servicing and insurance costs, plus an hourly charge.

‘Pay as you go’ car ownership slashes the cost of motoring, solves parking problems, takes away the ‘tedious’ hassle of car ownership, and could also play a part in relieving traffic congestion in the UK, and London especially, as the capital moves towards ‘gridlock’.

Van Dijl says that subscribers to the offer, which will be capped at a maximum £1.5 million, will snare membership fee reductions depending on investment levels. He plans to use the proceeds to speed up expansion and build corporate membership. Currently in the red, van Dijl says investors might expect profits in 2007.

A prospectus should be available next week ahead of first dealings in July.