Manchester IT consultancy NCC Group today raised £38m through a placing of shares with institutions on the Alternative Investment Market.

The Group will have a market capitalisation of over £55m when trading begins.

The company will use over £21m of the funds raised to cut debt. The flotation has made the company's chief executive, Rob Cotton, a millionaire as he owns a 20 per cent stake in the company.

Paul Mitchell of Rickitt Mitchell is chairman of NCC Group plc.
Stuart Moss of Rickitt Mitchell, together with Dresdner Klienwort Wasserstein, is joint adviser to NCC Group plc.