Forty-four per cent of the group's enlarged share capital is being sold, allowing an exit for venture capitalists who backed a management buyout from Bunzl in 1989.
The float marks a return to the list for the company, which was quoted until it was bought by Bunzl in 1985 for pounds 95m. It has undergone extensive rationalisation, and last year made pounds 5.3m operating profit before exceptional items.
The senior management team, led by Allan Binks, the chairman, owned 32 per cent of the company before the placing.
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