worldchoice enterprises may not sell more shares

WORLDCHOICE Enterprises has heralded its share scheme such a success after raising nearly £2 million that it may not need to put shares on sale again.

The trading arm of the agents’ consortium now has about 800 shareholders and is on course to buy its 16th shop.

The second share offering attracted 50 new shareholders – £150,000 worth of new investment – and raised about £800,000.

This is on top of the £1.2 million raised by the original shares sold.

Chairman Colin Heal said a warning had been issued with the latest offering, which closed on August 12, to alert staff and members there may not be a further opportunity to buy shares.

“Originally we planned to offer shares every year for five years but it depends on the overall cash flow situation and whether we need to.

“It is by no means guaranteed as we may not need any more investors if the cash flow starts to come in with the development of the new shops.”

He added: “We are really pleased with the shares we’ve sold, particularly in a tough economic climate.”

Worldchoice Enterprises is still on course to acquire 150 shops in five years and further developments include the launch of an associate programme to help would-be agents start up shops, increase revenue flows and boost membership levels.