An independent provider of training programmes for software coding has outlined plans to float on AIM in a move that would give it a market cap of £12.5m, as well as expand into the Midlands.

Northcoders, which has operations across Leeds and Manchester, offers a range of development services to individual and corporate customers.

These include boot camp training courses, government-funded apprenticeships and software specialisms. The company is looking to place, conditional on admission, 1,944,444 new ordinary shares of one penny each at a price of 180 pence per share.

The fundraising would raise £3.5m, with WH Ireland and Peterhouse Capital acting as joint placing agents. The former is also acting as nominated adviser and broker to the company.

Northcoders’ directors believe that the admission to AIM will allow the business to access the capital it needs to facilitate its stated growth strategy, in particular, the rollout of its model geographically, with an additional hub in Birmingham and the opening of two more in 2022.

Admission and commencement of dealings on AIM are expected to take place on 27 July 2021.

Chief executive Chris Hill said: 

“There’s no doubt that Northcoders is in an exciting period, particularly as we move away from the pandemic with the demand for digital training has never been stronger in the UK. The government has clearly signalled its support for improving access to all forms of education, especially through apprenticeships like ours, and our differentiated business offering is proving attractive to individuals and corporate clients alike.

“As we continue our strategy to expand across our homeland in the North of England, and indeed look at broader opportunities across the UK, the board and I are confident in our ability to deliver significant shareholder value.”

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