Creative Educational Corporation plc, trading under the name Primary Steps, currently runs seven nurseries in the London area. It has been in operation since June 2000 and opened its first 36-place nursery in East Sheen in September 2001.
AIM is the London Stock Exchange for smaller, growing companies. After two years of trading on AIM, companies are able to gain access to the main market using a special expedited procedure.
Chief executive David Alexander told Nursery World that flotation gives the nursery chain greater flexibility in terms of expansion because acquisitions can be made in cash and shares. He added that being a publicly limited company gives more credibility when seeking to lease property from landlords.
The company plans to open up to five more nurseries later this year and a further 15 settings in 2004 and 20 in 2005. These will be a mixture of acquisitions and converted premises.
Mr Alexander said, 'The requirement for nursery services and childcare in the UK has grown rapidly and the upward trend is set to continue. The company has a strong platform to pursue its strategy with nurseries in prime locations.'
Primary Steps will concentrate on opening nurseries for up to 50 children aged from nought to five in residential areas throughout England.
Mr Alexander said, 'I don't personally like these "super-nurseries". I think smaller nurseries are easier to manage and are more what parents want. I think the personal touch is essential with this age group.' The company's management team includes property and finance professionals. Mr Alexander said that this know-ledge would help the company choose appropriate businesses for expansion.