Conviviality Retail, the owner of Bargain Booze, Bargain Booze Plus, Select Convenience and Thorougoods, said that it is aiming to raise between £60 million to £65 million through a placing on London's Alternative Investment Market (Aim).

The company is owned by private-equity firm, ECI following a £63.5m management buyout in 2006. The equity firm is expected to earn about three times through the floatation and it will also allow the company repay all its debt. Zeus Capital is acting as nominated adviser to Conviviality Retail on its listing and will serve as joint-broker.

Diana Hunter, the chief executive officer of Conviviality Retail, who joined the company from Waitrose in 2011, is aiming to expand its presence in the south of England to cater to the growing demand by customers looking to save costs. The company currently runs 611 franchised convenience stores offering alcohol, groceries and tobacco.

"I see a great opportunity to grow this business through uniting and aligning the franchisees with the company, a most powerful force in generating optimal performance," she said.

The company said that it believes that its two warehouses are capable of supporting upto 200 stores in the country.