Snoozebox looking for a home on AIM

A company with the improbable name of Snoozebox intends to seek a listing on London's AIM market.

The company, which makes portable accommodation units which have already proved popular at outdoor events such as the British Formula One Grand Prix, is seeking to raise up to £10m in new equity through a flotation on AIM.

Snoozebox's room units use a standard steel shipping container which allow normal transportation by road, rail and ship. The units provide "comfortable and secure accommodation which is portable and does not require mains services such as power, water and waste drainage."

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While concentrating initially on the UK market, Snoozebox intends to operate in Europe and further afield by licensing its product.

For the firm's swisher product, the Snoozebox directors have identified over 150 annual events in the UK outdoor leisure market, such as, motor racing, horse racing and eventing, golf, tennis and sailing, music festivals, county shows, cultural events such as the Edinburgh Festival and other commercial events.

Not surprisingly, the company also has its eye on the 2012 Queen's Diamond Jubilee celebration and the Olympic Games.

Snoozebox says it has also identified similar market opportunities in Continental Europe.

As for its more utilitarian "Contrax" units, the company is targeting markets where personnel accommodation is required for relatively long period of time such as military deployments or civilian construction projects, and where a large number of workers congregate for a relatively short period.

The company has provisional bookings with various organisations for the provision of over 1,150 rooms in 2012 including HP Power Group for the Queen's Diamond Jubilee, Silverstone for the Grand Prix and a number of other major events, Isle of Man TT Races, Live Nation for the Download festival, Hop Farm for the Hop Farm music festival, The Goodwood Estate for the Goodwood Festival of Speed and the Goodwood Revival, a significant Olympics related event and for the World Karting Championships at Grantham in the summer.

Each installation provides the potential opportunity for additional revenues through advertising and promotional activities.

Panmure Gordon is acting as the nominated adviser (Nomad) for Snoozebox.

JH