Pub stocktakers to float after buy-out

A firm of stocktakers is to float after being created in a management buy-out from a company headed by Tory Party treasurer Michael Ashcroft.

Capcon Holdings plans to expand its services to the on-trade through acquisitions, using funds from £1.5m raised through a private shares placing.

Further deals are also set to be supported by a flotation on the stock exchange's alternative investment market (AIM).

Capcon was created 18 months ago out of the audit and stocktaking division of Carlisle Holdings, the outsourcing facilities management group owned by Lord Ashcroft.

Capcon's chairman is Ken Dulieu, who founded the business as Capitol Consultants and then sold it to Carlisle in 1998. It focuses on pub groups with between 50 to 500 outlets, and its client list includes Whitbread, Greene King and Scottish & Newcastle Retail.

Based in Watford, Hertfordshire, it provides investigation services, including undercover operations, aimed at fighting theft, fraud and wastage.

As part of its expansion plans, it intends to branch out into financial services and provide verification of job applicants' backgrounds.