Updated: Gadget website Expansys is gearing up to float on the Alternative Investment Market (AIM).

The company aims to raise £25m by selling shares on the London exchange. Some £10m of this will fund further expansion, the the Manchester Evening News reports.

The Manchester based company, founded in 1999, said it had talked to venture capitalists but felt they just wanted shares on the cheap.

The online retailer made sales of £54m last year, according to the paper.

Chief executive Roger Butterworth said: "It is a rigorous process but AIM is accommodating and I would recommend it to anyone with a growth business looking to refinance."

More from the Evening News here.

Expansys chief executive Roger Butterworth told the Reg: "We've grown the business from nothing to over £50m and we need more funding to keep growing. We complete the paperwork today and the first day of trading in our shares will be next Wednesday. We need more capital to take advantage of the growing market for smart devices. Response from the City and strategic investors has been good."®