Shares in a new Sussex company are being launched on the Alternative Investment Market (AIM) tomorrow.

Dynamic Commercial Finance, a newly-formed provider of factoring and invoice discounting services, is to have its UK base in Haywards Heath.

The company has raised £4.4 million net by the placing of more than 3.3 million shares at 153p with institutional and other investors.

It has been formed to provide an invoice discounting service to small and medium-size enterprises with turnover up to £3 million.

The directors, who collectively have more than 35 years of industry experience and relationships with key business introducers, believe there is an opportunity to take advantage of the rapid growth in the factoring and discounting market, which is estimated to have almost doubled since December 1995.

Dynamic Commercial Finance will start with a staff of seven, rising to 16 by the end of next year.

The key people behind the company are Paul Hird, chief executive; Phil Woodward, risk and operations director, and Gary Davis, sales and marketing director, who have all previously worked together.

They are joined in the boardroom by Nigel Miller, finance director, who previously worked for Horwath Corporate Finance.

The company has entered into a facility agreement with the Bank of Scotland for revolving credit banking facilities of up to £14 million, which, together with the net proceeds of the placing, will provide it with the necessary capital to market its sales finance services and develop a client portfolio.

Mr Hird said that by having the head office in Mid Sussex it was at the centre of a triangle with Croydon, Worthing and Hastings where many similar companies were based and there was a pool of skilled staff.