Nexum Leisure, the nightclub company led by Paul Kinsey, is to seek an initial public offering (IPO) if stock market conditions return to normal.
The company, which is 70% owned by Lloyds TSB, has its sights set on expanding to 20 nightclubs - it has bought six sites in the last 18 months and has four more in the pipeline.
Last week, it opened its Synergy nightclub in Warrington, a £5.5m investment including freehold costs. The company will have spent a total of £15m acquiring and fitting out nightclubs within 18 months by the time it has completed on the additional four venues.
It has a revolving line of debt funding provided by Lloyds to allow it to pick up more sites. Most recently, it has spent £4m buying Tramps in Worcester and another 1,400-capacity venue in Torquay.
Kinsey said: "We've seen like-for-like growth in the past 18 months - and a growth in real-terms spend per head. We've been looking at an IPO in the past few months. We're seeing a 65% return on our investment year on year.
"There's no need to rush [an IPO] on the market - this is a time when there are deals to be done and we'll wait for the [stock] market to return. We look at a two-year payback on openings - we target high quality, but at a lower cost than our competitors."
Kinsey said that Nexum's management structure allowed it to expand to 35 venues with the addition of only three extra members of staff.