An electronic components distributor has raised more than £2m from investors with a view to expanding the business across the UK and North America.

APC Technology Group, based in Strood, generated the cash injection after issuing more than 10m new shares on the AIM stock market, worth about 12% of the company.

Each share will be worth 20p, with trading expected to go live on Thursday, subject to approval by the London Stock Exchange.

The company said the move is “to fund increasing working capital requirements associated with expansion of the business, particularly related to energy efficiency projects in the UK and in North America”.

The new issue raised £2.075m before expenses.