BRUNO BROOKES, the former BBC Radio 1 disc jockey, became a millionaire yesterday as his in-store radio company floated on the Alternative Investment Market with a valuation of more than £13 million.

Shares in Immedia Broadcasting, which runs specialised satellite radio stations such as LloydsPharmacy Live and Newsagents Radio, opened the day at 110p and closed at a small premium at 113p.

Mr Brookes, who hung up his headphones four years ago to concentrate on setting up new businesses, said: “I am very happy, but this is just the start. I am here to build a very big business.”

Immedia provides radio content to 2,500 newsagents and to outlets of LloydsPharmacy Group. Its content is a mixture of music, news and humour. “Every retailer should be talking to us. We give retailers the opportunity to be in touch with their consumers and loyal staff 365 days a year,” the former broadcaster said.

Mr Brookes, who is Immedia’s managing director, has a 12.8 per cent stake, worth about £1.7 million. He said that he was satisfied with yesterday’s modest premium and added: “It was an old fashioned float — fairly priced.”

In the eight months to August, Immedia had turnover of £1.23 million and an underlying profit of £99,188. At the pre-tax level the company lost £416,068, although analysts expect the company to move into pre-tax profit in 2004.

Mr Brookes said that he hoped to extend Immedia’s network of newsagent customers to 5,000 by the end of next year. “Immedia is at advanced negotiations with other well-known retailers for further subscriptions,” Mr Brookes said. At the beginning of this month Immedia signed a deal with Dixons for up to 50 stores for an initial trial period.

Immedia provides the radio service free in return for the right to sell advertising on the air. Retailers can also choose to keep most of the advertising slots and pay a subscription.

The flotation, which was managed by Teather & Greenwood, raised £5 million before expenses from the sale of a 35 per cent stake in the company.

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