Indian-origin businessman plans to float firm on UK stock market

An Indian-origin businessman is preparing to float his battery and e-cigarettes company on the stock market in London to raise funds for its expansion.

Sandy Chadha, 49, runs the Manchester-based Supreme Imports company which imports and sells batteries, light bulbs and products linked to substitutes for cigarette smoking. The valuation of the firm is expected to be around 150 million pounds, The Sunday Times reported.

The company will announce its debut on the Alternative Investment Market, the sub-market of the London Stock Exchange, within the next few weeks and has appointed stockbrokers from Berenberg to work on the float, the report said.

Chadha, whose family moved to the UK from Delhi, is looking to raise about 10 million pounds to help cut down its debts and fund the expansion of a manufacturing plant that makes liquids for use in e-cigarettes and vaping products.

The businessman had hit the headlines last year after he lost a bet and handed over a 130,000-pound luxury car to corporate turnaround expert Iain Johnston, who had promised back in 2007 that a struggling Supreme Imports would make a profit of 1 million a year once it was back on its feet.

Chadha told Johnston that if he were right, he would give him his new Bentley, which was parked outside.

Ten years later, after the prediction had come true, Chadha hunted down Johnston through social media and gave him the keys to a new Bentley Flying Spur to honour his word.

Supreme Imports had been set up by Chadha's father to import novelty goods from the Far East. The company is now one of the biggest sellers of batteries in the UK.