黑洞社区 consultant and facilities manager Erinaceous Group sees its proposed AIM status as a springboard for future acquisitions.
The group, formed in 1999, applied for a listing on the alternative investment market last week. It hopes to use the anticipated 拢10m it will gain in market value to fund growth. A spokesperson confirmed that the issue, set to start today, will be used to bulk up the company to a market capitalisation of about 拢60m.

The spokesperson said: "The directors have grown the company massively over the last few years, both organically and through acquisitions. The listing will be used to provide working capital and improve the company profile."

Turnover has increased from 拢4.3m in the group's first year to 拢35m in the year ended March 2003, with operating profits increasing from 拢570,000 to 拢4m. Group turnover was up 57% to 拢33.7m in the 12 months to 30 March compared with that period last year.

As yet there are no plans to float the group on the main stock market but the spokesperson said the firm's directors were seriously considering it.

Erinaceous has three operating divisions integrated as a one-stop shop for property services. Hanover Park Services was set up last year to provide support products for residential lettings; Hanover Park Commercial, acquired in 2001, handles insurance services; and Haywards Property Services, bought in 1999, works on public sector housing, residential management, building consultancy and facilities management.