Leeds University spin-out worth £80m on AIM float

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ENVIRONMENTALLY friendly washing machine company Xeros is to float on AIM next Tuesday with a market capitalisation of £80m.

The group, a Rotherham-based spin-out from Leeds University, said it has successfully raised £30m of new capital at 123p per share ahead of its admission to AIM.

The funds will be used to roll out Xeros’ technology into the commercial laundry market and to fund research and development into other areas such as the domestic laundry sector.

Xeros produces washing machines that replace most of the water with polymer beads.

The beads attract stains to the bead surface, extracting dirt and producing what the company claims is a superior result compared with traditional washing machines.

The group has developed its commercial laundry machines using existing conventional washing machine technology, with modifications to introduce the re-usable polymer beads into the wash.

Xeros will be the first UK manufacturing company to float this year.

It will be joined next month by Doncaster-based Polypipe, one of Europe’s biggest manufacturers of plastic pipe systems, as Yorkshire firms spearhead the Government’s drive to expand the manufacturing sector and rebalance the economy.

Xeros announced plans yesterday to change its name from Xeros Ltd to Xeros Technology Group following the listing on AIM.

Following the float the company’s significant shareholders will be Invesco Asset Management with a 27.1 per cent stake and IP Group with 18.6 per cent.

Xeros said it will issue 65,073,549 new ordinary shares of 0.15p nominal value each at an issue price of 123p per share​.

​Xeros chief executive Bill Westwater said: “We want to be the global leader in this whole new way of cleaning. We are proudly a Yorkshire company. I also hope that we can be proudly be part of renaissance as well for industries in Yorkshire.”

​​Xeros ​is​ commercialising technology developed at the University of Leeds School of Textiles, run by a team led by textile chemist Professor Stephen Burkinshaw.

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