Portable hotels operator Snoozebox Holdings plans to raise between £10m and £12m as part of an AIM flotation slated for 1 May.
Robert Breare, who used to run the Malmaison hotel chain, founded the business in 2010 and came up with the first prototype for outdoor events last year. The company is likely to be valued at £20m.
Snoozebox has designed two types of accommodation: events hotel and contrax accommodation. The events hotel accommodation can be set up at events and offer a number of amenities for each room, such as TV and en-suite bathroom. This was first used at the British Grand Prix at Silverstone. The contrax accommodation has lower specifications and is aimed at airports, film locations, construction sites and the military.
The accommodation comes in individual units of four rooms and these can be combined to produce a portable hotel with the required number of rooms. The units can be stacked in order to limit the space taken up by the hotel. Snoozebox claims that a 300 room hotel can be put together in three or four days. No planning permission is needed if the portable hotel is on the site for fewer than 28 days.
There are more than 150 annual events in the UK that could be suitable for the events accommodation, plus other one-off events. Snoozebox already has bookings totalling 1,150 rooms for 2012. These include the British Grand Prix, the Hop Farm music festival and an Olympic event. At the Isle of Man TT, rooms are being offered at £199 per night for race week.
Snoozebox will concentrate on the UK market and licence the product to Europe and other countries.
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