Viglen to float after Amstrad break up

UK direct sales PC vendor Viglen is to seek a listing on the stock market in the wake of Alan Sugar's decision to split up his once-mighty Amstrad empire.

Sugar said yesterday he plans to break up the Amstrad group and remove it from the London Stock Exchange. A new holding company will be named Viglen Technology and will seek to float in London from early in August.

Sugar will be a non-executive member of the Viglen board but his main role will be as chairman of the Betacom consumer electronics wing.

Amstrad shares rose five per cent on the news.