BUILDING services group Northern Bear is on the takeover trail after raising £2.4m by floating on the Alternative Investment Market (Aim).

The Chester-le-Street company, which was set up this year, will be valued at £10m when it becomes the region's newest public company on Tuesday.

Yesterday Northern Bear, which has bought four companies and created one in the past year, said it would use some of the proceeds of the flotation to acquire several North-East building services businesses.

During the past 12 months, it has bought fire safety and acoustics company Isoler and The Roof Truss Company, as well as roofing companies Springs Roofing and Wensley Roofing.

Northern Bear is led by executive chairman Jon Pither, and board members includes Roy Stanley, chairman and chief executive of the Tanfield Group.

Mr Pither said: "All the companies we have previously acquired have been very successful in the past, and the reason they have continued to be successful is that we have not interfered with their individual ways of working and have allowed those that know them best to carry on running them."