Tuesday, March 25, 2014

News: Xeros cleaning up with investors

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Shares in the Rotherham technology firm, Xeros, begin trading freely on the London Stock Exchange today, with savvy investors already snapping up a piece of the company that is commercialising the first real innovation in the laundry industry for 60 years.

The Leeds University spin-out, based on the Advanced Manufacturing Park (AMP) in Rotherham, has developed a patented system using a unique method of special polymer beads rather than the usual large amounts of fresh water to clean clothes.

The Xeros cleaning system comprises a special washing machine designed to release the beads into the drum for cleaning, and which then removes the beads from the clothes once the cleaning is complete. With at least 70% less water, up to 50% less energy and approximately 50% less detergent, the Xeros system delivers superior cleaning results compared to conventional washing. The beads have a lifespan of hundreds of washes before being collected and recycled.

Admission to the AIM and the fundraising are expected to allow the group to accelerate roll-out in commercial laundry and to fund the research and development process through to commercialisation in other identified applications, not least in domestic laundry.

£27.580m (before expenses) has already been raised for the group through the placing of 22,422,579 new ordinary shares at 123 pence per share. 65,073,549, shares have been issued giving Xeros a market capitalisation of approximately £80m.

Before the admission, the largest shareholders include Invesco Asset Management Ltd at 27.1% and IP Group at 23.1%. To date, Xeros has raised in excess of £15m from investors. In 2013, it successfully completed a £10m funding round. Its investor partners include IP Group, Entrepreneurs Fund, EV, Invesco Perpetual and Parkwalk.

John Samuel, chairman of Xeros, said: "We have been delighted with the investor response to the placing, which has had strong support from a number of our existing key investors as well as new investors. Joining AIM marks a milestone for Xeros and we look forward to growing the business using the proceeds of the Placing and creating value for all of our stakeholders."

Bill Westwater, CEO of Xeros (pictured), added: "Xeros's patented reusable and recyclable polymer bead cleaning systems have the potential to transform a number of industries globally. We are excited about the opportunity the placing and our admission to AIM brings to help accelerate our roll-out in commercial laundry and fund development through to commercialisation in other identified markets.

"I am very confident and enthusiastic about our future as we begin the next stage of significant growth as a public company and British university spin-out."

Xeros follows other Rotherham-based firms onto the AIM stock exchange - United Carpets, Inditherm and Crawshaws.

Xeros website

Images: Xeros

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