Retirement homes specialist raises £3m from flotation on alternative investment market

Retirement homes specialist Wren Homes has raised £3m by issuing 8.3m shares at 36p each ahead of its move from Plus Markets to AIM next week.

The housebuilder’s main shareholders, Peter West and Paul Treadaway, are also raising £2.8m by selling shares that represent a 19.2% stake.

For the year ending 31 July 2005, pre-tax profit was £1m on a turnover of £2.4m. The Surrey-based company was founded in 1994 and floated on Plus at 14.3p in 2001. Today it was trading at 45p.