Cartucho, developer of ink-cartridge refill 'kiosks', is seeking £10 million ahead of an AIM float early next month.

Broker Collins Stewart is handling the placing for Cartucho, which is expected to value the company at between £25 and £30 million. Headed by chief executive Mike Willcocks, the company has developed a 'kiosk' through which users can refill cartridges used in ink-jet printers.

Cartucho is targeting a market that is forecast to be worth £28 billion worldwide by 2008. By providing a way to refill used cartridges, the company hopes to mount a significant challenge to replacement cartridges, currently used, which can cost more than the printers they support and also present environmental challenges because they can take hundreds of years to decompose.

One important player has already come on board, in the shape of OfficeMax, the third largest office supplies group in the USA, which has agreed to integrate Cartucho's kiosks in its flagship stores. The flotation funds will be used to finance this launch.

Willcocks enthuses 'this is our first major deal. We are also in advanced negotiations with several other high-profile retailers in the US and Europe'.