Buchanan wins Omega job

Kitchen furniture manufacturer Omega International Group has hired Buchanan Communications for a planned listing on the Alternative Investment Market next month.

The deal is expected to raise between £8m and £10m, giving the company a market capitalisation of around £30m. Approximately half of the flotation will involve the sale of new shares with the remainder involving the sale of existing shares.

Buchanan Communications director Mark Edwards is leading the account and reports to Omega chairman Bob Murray. The agency has been briefed with handling media relations around the flotation, including communication with analysts.

Murray said he hoped the flotation would boost Omega’s profile and raise enough money to develop the company’s main brands.

Omega’s main lines are made-to-order and self-assembly furniture under the Sheraton and Chippendale brands.

The Doncaster-based firm operates a 205,000 sq ft factory with more than 180 staff. For the year to December 2003, Omega had a turnover of £17.8m, compared to £15.2m for the previous year. Operating profit was £2.9m.

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