A MANCHESTER air-conditioning engineer is to receive £12.5 million from the stock market flotation of a company that he founded 33 years ago with a £5,000 investment.

Peter Worthington, 70, who sold his house and moved in with his parents to start Worthington Nicholls in 1973, will make the multimillion-pound profit by selling some of his shareholding when the company joins the Alternative Investment Market on Monday.

Worthington Nicholls, now Britain’s largest independent installer of air-conditioning and ventilation systems, has raised £20 million through Corporate Synergy at 50p a share, giving it a market capitalisation on debut of £32.5 million. Mark Worthington, the founder’s son and the chief executive, was “delighted and somewhat relieved” to have raised £20 million — against the £15 million that the company initially sought four months ago — in the teeth of plunging equity markets, which have seen other smaller companies postpone or abandon their flotations.

Worthington Nicholls plans to use £7.5 million of funds raised to consolidate its sector, and already is in talks on a possible acquisition. With £25 million of projected sales for its year to September 30, the company is its industry’s biggest, but still has a market share of just 2 per cent. Its largest client is InterContinental Hotels, owner of the Crowne Plaza and Holiday Inn chains, for which Peter Worthington previously worked as engineering director in Africa. Other clients include Hilton and Boots.

The Worthington family will retain a 42 per cent stake after the flotation. Peter Worthington will stay on for the next two years as non-executive chairman.

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