Essex fire extinguisher seller seeks to raise £3m on London’s AIM
A British fire safety company, that first started selling its product on Amazon, is seeking to raise £3m by listing on London’s AIM.
Essex-based fire safety firm Lifesafe Technologies is planning to float on London’s alternative market after it first began selling its “5-in-1” fire extinguisher on Amazon in August 2021.
The company’s lightweight fire extinguisher is designed to be used as a portable, easy to store, and quick to deploy means of putting out all types of fires.
In a statement, the firm noted that its fire extinguished became Amazon Prime’s top selling fire extinguisher in the UK within a month of first being launched on the online marketplace.
The float comes after the firm has generated a post-tax loss of £1.5m in the year ending on December 2021, after bringing in revenues worth £670,000.
Lifesafe chief executive Neil Smith said: “”It is our firm belief that every home should have our simple to use and highly effective StaySafe 5-in-1 fire extinguisher to protect life and property.”
“Furthermore, and building on the success of our current line up, I am equally as excited about our pipeline of innovative new fluid, and products that we believe will widen our portfolio and open new markets.
“The IPO will provide us with the profile, capital and platform to go on to capture more of what the Directors believe is a growing market with our innovative fire extinguishing products, whilst delivering significant value for our shareholders.”
The float comes as London Fire Brigade (LFB) figures show there were almost 5,000 fires in London last year.
The 5,000 fires across London resulted in a total 44 fatalities – a figure 60 per cent higher than the previous year.