SNOOZEBOX, which provides portable hotel rooms at festivals and sports events, plans to float on the Alternative Investment Market (AIM) by the end of the month.
The firm, whose upmarket rooms offer flatscreen TVs, Wi-Fi and air conditioning, has hired Panmure Gordon to help it raise £10m to fund expansion.
“I’m quite a big fan of Aim as a market and the company fits in well there,” founder and chief executive Robert Breare told City A.M. “The liquidity is important, as is the availability of capital going forward. It’s a more flexible way of expanding the company than private equity at this stage.”
Snoozebox launched at the Silverstone Grand Prix last July and Breare, who is also chairman at Ted Baker, now hopes to license the firm’s box designs to events and companies across Europe.
“I’m a fan of motor racing myself, and it was a natural place for us to go and try our prototypes, but we are very keen to be very broadly based across all types of events,” he said.
The firm also offers lower-standard Contrax boxes aimed at airports, work sites and even for local government use. It has bookings for boxes at the Download rock festival, the Isle of Man TT races and the Queen’s jubilee celebrations.