It is offering 3.75m shares at 20p each.

We had the choice to stay on OFEX or go on AIM, and we have chosen

to raise a small amount of cash and stay on OFEX, said chief executive Tony Rafferty.

Rafferty said the company would review the situation regarding its future expansion plans in the autumn.

The company has given itself an internal target of opening at least 175 outlets, both its own stores and franchises, in the UK by 2005.

We intend to build a massive chain and to expand to more than 175 outlets, said Rafferty.

He said the plan was not to compete with the likes of Prontaprint and Kall Kwik, but to work with them.

We would rather they join us than compete against us, said Rafferty.

The companys accounts, included in the prospectus, report a loss for the 28-week period ending 14 October 2001 of 398,138.

Rafferty said figures had improved recently, with invoiced sales of 492,200 for the month to 13 February 2002.

It has sold 12 franchises since the franchise initiative was launched last October, and is in discussions over a number of further deals.

The first franchise deal was concluded in January this year, with the Color Co signing an agreement to operate Printing.com franchises from six of its outlets (PrintWeek, 1 February).

Printing.com currently has 14 outlets in the UK in Birmingham, Bristol, Edinburgh, Glasgow, Kingston upon Hull, Leicester, Liverpool, Manchester, Newcastle, Nottingham, Sheffield and three in London.

Story by Andy Scott