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Ink group signs for AIM
DEC 2005
Cartucho, developer of ink-cartridge refill ‘kiosks’, is seeking £10 million ahead of an AIM float early next month.
Broker
Collins Stewart is handling the placing for Cartucho, which is expected
to value the company at between £25 and £30 million. Headed by chief
executive Mike Willcocks, the company has developed a ‘kiosk’ through
which users can refill cartridges used in ink-jet printers.
Cartucho
is targeting a market that is forecast to be worth £28 billion
worldwide by 2008. By providing a way to refill used cartridges, the
company hopes to mount a significant challenge to replacement
cartridges, currently used, which can cost more than the printers they
support and also present environmental challenges because they can take
hundreds of years to decompose.
One important player has already
come on board, in the shape of OfficeMax, the third largest office
supplies group in the USA, which has agreed to integrate Cartucho’s
kiosks in its flagship stores. The flotation funds will be used to
finance this launch.
Willcocks enthuses ‘this is our first major
deal. We are also in advanced negotiations with several other
high-profile retailers in the US and Europe’.
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