Portable hotel start-up to join AIM
Snoozebox, which counts Glastonbury and Britsh Grand Prix as clients, hopes to raise £10-12m through IPO
A company which makes portable hotels out of old shipping containers is to float on the Alternative Investment Market (AIM).
Snoozebox, which has already supplied a range of events including Glastonbury and the British Grand Prix, will issue 10,000,000 shares at 1p each on May 1. The company hopes to raise between £10 and £12m as a result of the initial public offering (IPO), with a potential market capitalisation of approximately £20m.
The company’s primary shareholders, CEO Robert Breare and backer B52 Investments, will see their stakes reduced to 2% and 18% respectively following the share issue. The company was only formally incorporated last March, and its senior management plan further growth over the months to come – in fact they have identified more than 150 annual events, including motor racing, horse racing and county shows.