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A company that provides turnaround finance to small and medium sized enterprises as well as personal debt restructuring to the consumer credit market has been valued at £14 million after its shares were admitted to AIM.

Bristol-based Brightside Group, which was established in 1995, issued more than 20.2 million ordinary shares at 69p each but did not raise any capital from the IPO.

The group’s non-executive chairman, Ken Young, said the group decided to join the London Stock Exchange’s junior market to increase its profile and status to grow the business.

The IPO was managed by Brightside’s nominated adviser and broker Teather & Greenwood.

Brightside’s legal adviser was Manches, led by corporate finance partner Matthew Martin who was supported by tax specialist Stephen Goldstraw and employment partner Jonathan Maude.

Martin said this deal followed several months of group restructuring in preparation for the float. “This is an exciting time for Brightside given the way in which the consumer credit market is developing. We look forward to working closely with Brightside, not only in respect of its corporate finance needs, but also with its turnover work in the corporate SME sector.”

Teather & Greenwood was supported by Farrer & Co, led by partner Jai Bal and senior assistant Anthony Turner. The firm was appointed due to corporate partner Adam Walker’s long-standing working relationship with Teather & Greenwood.

Brightside offers financial rehabilitation including free advice through a debt counselling centre, home visitors to assist with the completion of debt information packs, mortgage and loan broking, debt management, corporate recovery and formal insolvency services.

The company provides debt management plans, full and final settlements, re-mortgage and consolidation loans, IVAs, protected trust deeds, bankruptcy and corporate services as well as a range of corporate recovery solutions.

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