Milk float for pounds 60m

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ROBERT WISEMAN Dairies, the milk distributor based in East Kilbride, is expected to come to the stock market with a pounds 60m-pounds 65m value, announcing a placing price of 100p or 105p a share.

Wiseman, which distributes milk across Scotland and north-west England, hopes to raise pounds 11m of fresh capital to build a new dairy in Manchester.

Its customers include Asda, Tesco, Gateway and Safeway. It recently started supplying J Sainsbury in Scotland. About 6 per cent of its sales are still doorstep deliveries.

Wiseman, which is placing 25 per cent of its shares via Panmure Gordon, has decided to float despite the supermarket milk price war.