Two prominent members of Birmingham's financial community have joined forces in a project to raise backing to bring an established West Midlands business to the stock market.
John Wheatley, formerly insolvency partner to KPMG West Midlands, and Gordon Harvey, a stockbroker at Gerrard, are seeking backing for a cash "shell" company, Investment West Midlands.
This will then be floated on the "over the counter" market OFEX with the intention of issuing new shares to buy a trading company that is interested in having a listing for its shares.
" We have raised over £100,000 from founder shareholders to pay for printing the offer document, solicitors and accountants, the cost of setting the thing up," Mr Harvey said.
"The document will be circulated to friends and people we think may be interested. If you get in at the beginning of a thing like this, you can do very well.
"We are hoping to raise anything up to £500,000 with a minimum of £200,000. The minimum subscription is £1,500 - we are not looking for £20,000 a time."
The money will be available as working capital for the business that is acquired and to provide cash if any of its directors want to retire and sell their shares.
Mr Harvey stressed, that he and Mr Wheatley do not want to replace existing management. "We are looking for cash generative companies with management in place that are growing satisfactorily.
"We have not got a specific company earmarked. We have one or two possibilities, but we want to get the money first."
His involvement is a personal one, he added, and nothing to do with Gerrard, part of Barclays Stockbrokers. The offer document will not be sent to clients of Gerrard, only to those who are also friends.
"The thing is to find a private company in the West Midlands," Mr Harvey said. "There are so many with a great future." Gordon Harvey John Wheatley ..SUPL: