Erinaceous to raise £10m for AIM listing

Property services group Erinaceous is proposing to raise approximately £10m to be traded on the Alternative Investment Market of the London Stock Exchange.

Founded in 1999, Erinaceous comprises a number of long established businesses covering a broad range of activities including services in the fields of residential lettings, insurance, building consultancy and housing management.

The group&#39s operational structure comprises the following three operating divisions, each of which is responsible for meeting clearly identifiable client requirements.

The residential lettings services division is a provider of support products and services to the residential lettings market, including the buy-to-let sector.

Operating nationwide, it supplies tenant references, rent guarantee products, software solutions for lettings agents and landlords and insurance products for both landlords and tenants. Its brands include Homelet and Letplan.

Its property services division comprises the following four divisions &#45 public sector housing, residential management, building consultancy and facilities management.

Neil Bellis, chief executive, says: ” Erinaceous has successfully grown both organically and through acquisitions as a private company.

“However, an AIM listing will increase the company&#39s corporate profile and the money raised will, in addition to providing working capital for the operations of the Group, it will enhance Erinaceous&#39s ability to realise further acquisition opportunities in our fragmented marketplace.

“It provides an ideal spring-board from which to develop Erinaceous into one of the UK&#39s leading property and facilities management groups.”