The Kent based factoring company, GLE Invoice Finance, is planning to float on the alternative investment market later in the month and it is expected to have a market capitalisation of up to Ј20million.
Company founders Jeff Longhurst and David Richards each hold 10% of the company’s pre-float equity, as well as options on a further 9.5 %. 75% of the equity is held by Greater London Enterprise Group, a body which was established by the former Greater London Council to encourage small and medium sized enterprises in London.
Jeff Longhurst has said “We are currently increasing our number of clients by around eight a month. We hope to expand from our south east base to the rest of the UK.”
GLE Invoice Finance’s credit line, which is provided by Lloyds TSB, currently stands at Ј10million. There are hopes in the company that flotation will lead to a significant expansion of its credit line.
