Cartucho fills up for float
Article Date: Nov 21 2005
Investment bank Collins Stewart is looking to raise up to £10 million for Cartucho, a UK-based developer of ink-cartridge refill kiosks, ahead of the company’s planned AIM float in early December.
Headed by chief executive Mike Willcocks, Cartucho has developed a kiosk through which consumers can refill the cartridges used in inkjet printers. With this market forecast to be worth around £28 billion worldwide by 2008 there is plenty for the company to aim at, especially when you consider the environmental and financial costs associated with replacement cartridges. These can take hundreds of years to decompose and, in terms of pricing, sometimes work out to be more expensive than the printers they support.
Cartucho looks to overcome these problems by providing a means through which individuals can refill their used cartridges. One major relationship with OfficeMax, the third largest office supplies business in the US, has already been secured. This will see the retailer integrate Cartucho’s kiosks into its flagship stores. The money being raised on flotation will be used to finance the roll-out.
‘This is our first major deal though we’re also in advanced negotiations with several other high-profile retailers in the US and Europe,’ Willcocks states.
Expected to make its AIM debut in the first week of December, Cartucho is likely to be valued at between £25-£30 million on arrival.
