INTERNET company the Onyx Group last night said it was planning to float on the stock market within the next two years after restructuring the company.

The Middlesbrough group, which employs 42 people, has completed a successful buy-out of the majority of its shareholders - which leaves management with a greater stake in the company.

The move provides the foundation for further growth over the next two years, including strategic acquisitions, which will boost the company's value.

Onyx aims to grow turnover to £10m from £6m this year.

The restructuring deal, which was supported by Bank of Scotland Corporate, follows 12 months of strong growth for the Onyx Group.

All its three divisions - Onyx Internet, DataBanx and Askaris - have exceeded trading expectations in the last year and have secured a series of high-profile clients, such as Capita and Graham Wylie's TSG business.

Neil Stephenson, sales and marketing director at Onyx, said: "This is the next step for the Onyx Group, following a period of immensely successful trading and impressive growth for the business, both organically and through acquisitions.

"We're extremely grateful to our investors for their support during the past five years as their assistance has been invaluable in enabling us to reach our current levels of success and provided us with a platform from which we can capitalise on this success in the future.

"The number of suppliers in our sector is shrinking, as more and more companies consolidate to provide competitive full-service packages.

"The Onyx Group has always kept pace with these changes and prided itself on growing both organically and through key acquisitions, and we believe that this strategy will enable us to meet our key objectives during the next few years, namely to float on the stock market."

Onyx, established in 1994, is looking to grow its business with the launches of services such as a wireless network across Newcastle.

Stephen Carmichael, director at Bank of Scotland Corporate, said: "We were impressed by the management team at the Onyx Group and their prowess and experience in this sector.

"In a changing and challenging sector, the management team has shown how they can look at things differently to create customer and shareholder value via bespoke integrated service offerings."