Companies: CVH   

Independent financial adviser Cavanagh is set to launch onto Aim on 16 October, bringing with it £1.5m from a Brewin Dolphin-advised fundraising. The cash is being raised through the placing of 1 million new shares at 150p and will enable the company to finance the recruitment of new consultants - 20 are currently employed - and build infrastructure to help accelerate growth. So far all growth has been internally funded, as since inception in 1996, the business has proven to be both cash generative and profitable. In 2000 an operating profit of £433,000 was reported on £1.2m of turnover and after just eight months of the current year, revenues stand at £1.17m. Marketing director and co-founder Neill Millard attributes the company's success to the specific market Cavanagh aims at. 'We could see a gap in the market for independent financial advice targeted at lawyers and other City professionals', he explains. Prior to the company's inception Millard and his fellow co-founders, chief executive Andrew Fay and managing director Simon Redgrove, were employed as senior financial advisers at Royal Insurance.