Lancashire-based confectioner Glisten is set to float on the Alternative Investment Market for smaller companies on 10 June.

The company, which was founded in 1932, explained that it hopes to raise £5.5m (US$8m) from the float, which it will use to fund expansion into niche markets and further acquisitions.

Non-executive chairman Jeremy Hamer said: “Our strategy is based on finding smallish food companies in niche markets. The first acquisition is in the confectionery business, and we may do another in the confectionery market but this is not about consolidation in any one sector.”

Glisten, which exports to 23 countries, posted a £13m turnover in the year ended 31 December, and pre-tax profit of £900,000.