Interim search business Hexagon Human Capital has floated on the Alternative Investment Market (AIM), raising £10m before expenses.

Jonathan Wright, now chief executive, and Dr Swee Lip Quek founded the company in 2004. It has made four acquisitions in the last two years, including that of BIE Interim Executive in December 2006. Earlier in 2006, it acquired Euromedica, a pharmaceuticals and life sciences recruiter, from the Carlisle Group, and Roberts & Corr, a media specialist.

The shares moved up more than 10% on the first day of trading, to boost the company's value to about £34m. The flotation costs were just over £1m. The £8.9m net proceeds will be used to grow the business, with the balance being used to repay debt.

Prior to founding the Hexagon business, Wright was group managing director of Alexander Mann Group.

He told Recruiter that, in his 10 years there, he had witnessed a highly populated market but had spotted a gap in the "leadership talent" area for positions with salaries in the £100,000-£400,000-a-year bracket. This had been one factor in deciding to set up Hexagon.

He said: "We're a high-margin business, and confident of growth. We see AIM as an alternative source of finance. It's also a good way of rewarding the management here. They've got shares they'll be able to sell over the next few years."

Wright and other managers retain about 55% of the company, with the balance now in "free float". He said the recent success of Hydrogen, which floated late last year, had encoraged the decision to float.

On current trading, Hexagon said: "Since September 2006, the Group companies have continued to see strong demand across all strategic markets, particularly financial services and consulting."