The success of Footballers' Wives has won over corporate investors

Shed Productions is listing its shares on the Alternative Investment Market (AIM) in a placing which is expected to value the group at �44m.

But the company says it has already made more than �22m from selling shares to institutional investors.

Chief executive Eileen Gallagher said the response had been "excellent".

Success story

Shed was set up by four former executives of Granada TV in 1998 and has made a profit every year since its launch.

Its accounts from last year showed a 39% rise in pre-tax profits to �3.2m on a turnover of �14.9m.

We have a strong business model... and are well positioned to capitalise on the changes in the independent productions sector Eileen Gallagher, chief executive

Its success story has been founded on the hit series Footballers Wives' and Bad Girls, both shown on the ITV network.

Ms Gallagher and the three other founders placed 25.5 million shares with institutions, accounting for 51% of the 50 million shares issued.

All the shares were sold in the placing, the company said.

Shed unveiled plans to float on the stock market in January with the aim of expanding its programme line-up, and fund future acquisitions.

The listing, it said, would allow its to "attract and retain the best creative talent" by offering extra incentives to staff.

Controversy

The company has benefited from recent law changes giving independent production companies the chance to hold onto the rights to their own programmes.

This has enabled Shed to swell the coffers from overseas distribution and sales of videos and DVDs.

Its big break came in the year Shed was founded - 1998 - when ITV commissioned Bad Girls. Now the popular TV drama about to have its seventh series launched, while the fourth series of Footballers' Wives is currently in production.

Footballers' Wives hit the headlines last year when it featured in the Archbishop of Canterbury's Easter message, which urged his flock to reject the "selfish" lifestyles its stars were portraying.

The company has three more dramas ready for launch this year - Bombshell, Extra Time and the Fugitives.