Fire safety firm looks to raise £3 million on AIM
A British fire extinguisher company is seeking to raise £3 million through a listing on the AIM market.
The announcement of Essex-based LifeSafe’s fundraiser comes ahead of the fifth anniversary of the Grenfell Tower disaster. Junior counsel to the Grenfell Tower Inquiry Emma Hynes joined the company’s board as non-executive director.
The company’s extinguisher, which has been designed to put out both electrical and cooking oil fires, launched on Amazon in August 2021 and is now on sale in parts of Europe and the US. The product is also available on high street shops following a partnership with DIY retailer Screwfix.
Dominic Berger, LifeSafe Technologies chairman, told the Standard: “We launched on Amazon and became the number one best-selling fire extinguisher in six days.”
“The US has now overtaken the UK in sales, and it’s growing.”
There were almost 5,000 house fires in London in 2021, London Fire Brigade data shows, of which 60% were in flats and 53% started in the kitchen.
There are currently 19 million homes in the UK without a fire extinguisher, Lifesafe estimates.
Neil Smith, Chief Executive Officer of LifeSafe, 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.”
“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.”