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Brulines finally floats on AIM

From The Publican

By Hamish Champ , 26-Oct-2006

Brulines' anticipated listing on AIM finally took place this morning, months later than planned.

The group, which manufactures beer flow monitoring equipment, had intended to come to the market in June of this year but postponed the move, blaming "volatile market conditions" for the delay.

In a statement the group said the admission to AIM "will assist the company in achieving its growth aspirations".

It expects to raise £7m via the float, of which £4.1m will repay Brulines' founder Derrick Collin's loan note, with the balance repaying bank debt and providing working capital for the group.

Chief executive James Dickson said the strong institutional demand, which led to a total fundraising of £19.5m, "was at the higher end of our expectations".

Brulines' products are held to be controversial by licensees but regarded as crucial by pub companies seeking to access trade data and prevent buying out of the tie.

Brulines underwent a management buyout in May 2005 and in the year to March 31 2006 posted £12m-worth of sales and £2.7m in operating profits.

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