IT recruitment firm Interquest has revealed it is to float on the Alternative Investment Market this month.

Interquest joins fellow recruiters Berkeley Scott, Staffline and Empresaria, who have also recently floated on AIM.

AIM is a less heavily regulated market than the London Stock Exchange and one that suits many recruitment firms.

Since it was founded in 2001, Interquest has grown through a ‘buy and build’ strategy. It has so far bought six complementary companies including SBS, which recruits for public sector IT posts, and Insight, which is focused on niche technical skills. It has an annual turnover of £24.4m.

The money raised through the flotation will be used to fund further acquisitions, said Ross Eades, Interquest’s chief executive. “Now we’ve got a few companies in the group, our next acquisitions need to be strategic,” he told Recruiter. “We’re looking for niche specialists or a firm that specialises in one sector or skill area.”

New brands acquired would remain independent, added Eades, although the group would consolidate back-office processes such as payroll and IT.

The funds from Interquest’s AIM flotation will also go towards creating a more transparent share option scheme for staff. “Until the company gets a listing, our employees can’t see what their share options are worth. People value something they own more and it makes them more motivated,” said Eades.

Interquest was founded in 2001 by Gary Ashworth, who previously founded Abacus Recruitment, which floated on AIM in 1995.