The company placed 12 million shares at 125p each, raising £10 million. In addition, Eatonfield founder and chief executive Rob Lloyd sold part of his own holdings to raise £5 million.

According to Lloyd, the funds will enable the group to complete larger developments, particularly urban regeneration projects and fund expansion across the UK. Based in Mold, Flintshire, Eatonfield was founded in 1998 and specialises in property in Wales and the North. It recently acquired the Bookham Technology industrial site in Paignton, Devon.

Evolution Securities is both nominated adviser and broker to the company.