Science in Sport (SiS) is being spun out of another Aim company, Provexis, as a standalone business with an expected market value of about £11million.
Medical foods and dietary supplements business Provexis reckons the value of Science in Sport, which it acquired two years ago, will not be fully appreciated while it is combined with its Fruitflow anti-thrombotic technology.
It believes both arms will have a better chance of fulfilling their potential by going it alone.
Provexis investors will remain shareholders in both businesses.
Sir Chris, who has used the company’s products for many years, signed up as a brand ambassador for Science in Sport earlier this year.
The firm has also recently launched an AskHoy.com website, where athletes can get personalised information on sports nutrition.
The company’s products, which are stocked by major retailers such as Tesco and Sainsbury’s, include the isotonic gel SiS Go Gel, as well as hydration powders and tablets, food bars and recovery powders.
It is the official supplier of sports drinks and nutrition to the GB Rowing Team.
In the year to the end of March, the company made an underlying operating profit of £100,000 on sales of £5.5million – an 11 per cent increase in turnover on the previous year.
It is led by chief executive Stephen Moon, formerly worldwide business development director for GlaxoSmithKline’s nutritional healthcare business.
SiS intends to use the £1.7million proceeds from the placing to boost its working capital, as revenues grow, and for factory investment.
It believes joining Aim will raise its market profile, help it recruit and retain skilled staff and provide potential spending firepower for further growth.