ONLINE retailer MandM Direct, which sells well-known brands at discounts of up to 75 per cent, has announced plans to list on the Alternative Investment Market in London.

The business, owned by private equity company TA Associates, said it hopes to raise £12.5 million to repay debt and provide flexibility for further growth.

It was founded in 1987 and has websites in seven European countries serving 1.3 million households.

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The listing is likely to value it between £140 million and £170 million.