CONSULTANT PARKMAN is expected to raise £10M by floating on the London Stock Exchange at the end of this month.
Cash raised through the flotation will be used to clear the £6M debt racked up by last year's management buyout (NCE 18 May 2000).
The remaining £4M will be used to edge Parkman into larger scale infrastructure projects, increase its asset management activities and finance acquisitions, said executive chairman Richard Archer.
The firm, which last year saw turnover increase by nearly 12% and profits double, wants to strengthen its position in managing outsourced local authority housing and property. It is also chasing increased workload in the road and rail sectors, defence and education.
Parkman is expected to be capitalised at between £45M and £55M. Sponsor and stockbroker is Hoare Govett.
The firm made pretax profits last year of £1.8M on £35.8M turnover.