Ushers to float at up to pounds 120m

Ushers of Trowbridge, the West Country brewer, is taking a cautious approach to its second attempt at a stock market flotation. Although, not yet finalised, Ushers' flotation price is expected to be calculated on the basis of a historic price/earnings ratio of less than 12, a discount to both the market and other quoted regional brewers. Ushers pulled its last planned flotation in 1994, but chief executive Roger North (right) believes the company has addressed the issues that worried investors then.

Impact day, when the institutional placing will be priced, is expected to be 4 March and the company is understood to be planning a pounds 40m cash- raising to give a market value between pounds 100m and pounds 120m. Ushers also announced the appointment of Tom Vyner, deputy chairman of J Sainsbury, as non-executive chairman.