Image: Breare (left) conceived the concept in 2010

Snoozebox, the UK-based portable hotel and temporary accommodation concept, has begun trading on the London Stock Exchange's Alternative Investment Market (AIM).

The number of ordinary shares in issue on the group's entry to the market today (1 May) is nearly 52 million, with a total of 30 million shares placed with institutional investors.

Snoozebox has said it will use the proceeds to provide investment and capital for its growth plans, with talks ongoing over the provision of products at a number of events this year.

First conceived by chief executive Robert Breare in June 2010, the first 40-room Snoozebox unit was installed at Silverstone for the Formula One British Grand Prix in July 2011.

Snoozebox currently provides two types of products; the Events product which offers hotel accommodation with a range of in-room amenities and is aimed at the events market.

The second product is Contrax, which offers more functional accommodation aimed at private and public sector areas such as airports, film locations, the military, Home Office and local government.

Breare said: "We are delighted to be starting life as a public company today and we want to welcome all new shareholders to the company.

"Net new monies raised of approximately £11m will provide funds to enable us to expand the group's business to meet the burgeoning demand for our innovative new product."

Details: www.snoozebox.com