ONLINE bookmaker ukbetting plc (www.ukbetting.com) has floated on the Alternative Investment Market, raising £6m, thanks to the help of corporate financiers in Southampton.

A team from Grant Thornton Corporate Finance's Southampton office, led by Linda Naylor and Jeremy Clifton, advised London-based ukbetting which was established in 1998 and prior to flotation, had been purchased by the current experienced management team.

They bought it from from Enic, whose other interests include Tottenham Hotspur.

Capital raised by flotation will help the company develop and capitalise on what it sees as many and varied opportunities available in online gaming. Industry forecasts estimate business in Internet gaming in the UK next year worth £10 bn.

Jeremy Clifton, corporate finance manager with Grant Thornton said: "Given the events of the past 18 months, investors are now much more selective in their choice of which Internet companies to back. People can see that gambling is one of the areas to which the Internet is best suited and are prepared to back quality companies operating in this area, such as ukbetting plc. With the strength of the management team now in place, we are looking forward to helping ukbetting plc achieve its objectives.''

Linda Naylor, Grant Thornton's AIM nominated adviser in Southampton said: "We were delighted that London-based ukbetting plc decided to come to the south coast for Aim advice. This is a pat on the back for Southampton's business community which is increasingly being seen across the south as an alternative to London.''