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North West electrical goods retailer set for flotation

A North west based online electrical goods retailed has announced plans to float on the London Stock Exchange.

AO, formerly known as Appliances Online, is expected to float in March, and hopes to raise £60 million through selling new shares.

The company, which moved to new Bolton headquarters last year, could be worth £1 billion, according to analysts.

AO sells large appliances such as washing machines and ovens, and are set to start selling televisions. It also wanted to expand into Germany.

Co-founder and chief executive, John Roberts, said a London listing would be vital for their expansion plans.

He said: “Ultimately, it is our ambition to be a leading European online electrical retailer.”

AO’s profits slumped 36% for the nine months to the end of December, to £3.2 million, despite revenues of £281.1 million - an increase of more than 40%.

This was posted in Bdaily's Members' News section by Graham Vincent .