GRANTHAM-based lettings franchise Belvoir Lettings has made its debut on the Alternative Investment Market.

Shares opened at 77p when trading began yesterday, up from a placing price of 75p. The placing valued Belvoir at £15.5 million and raised £7.29 million for the company to expand its franchise formula.

They later closed up 7.5p at 82.5p, valuing the business at more than £17m. Belvoir operates 142 franchises across the UK and hopes to increase this to more than 200 by 2016. The company has shown consistent growth since its inception in 1995 and the combined network had a turnover of about £20 million in 2010.

Chairman Mike Goddard said: "We are delighted to be debuting on the AIM market of the London Stock Exchange.

"The response to the Belvoir franchise from our new institutional and private shareholders has been very encouraging and we look forward to life as a public company."