A BUSINESSMAN and inventor known as 'The Plumber' reckons success is in the pipeline with his latest stock market venture.

Cheshire-based Paul Davidson's Fluid Leader Group began trading yesterday on Plus, the market for smaller companies.

Shares were priced at 47.5p, valuing the fledgling business at £84m. Chief executive Mr Davidson, 53, has a stake of 42.68 per cent and his son James, 24, has nine per cent.

The shares promptly slid, however, by 10.5 per cent to 42.5p.

It failed to dampen Mr Davidson's enthusiasm - he claimed the shares were `about to go into orbit'. He has spent around 18 months developing a cast iron device to be used in the maintenance and repair of oil and gas pipelines.

Fluid Leader owns the rights to his invention and is looking to begin manufacturing in the UK.

At present, it is necessary to shut a pipeline to carry out repairs to joins, making it cumbersome and costly.

Invention

Mr Davidson said his invention makes it possible to repair pipes up to 40 inches in diameter within an hour, and without being shut down.

The company has raised £5.5m to fund its growth plans.

Sheikh Faisal Bin Khalid Mohammed Al Qassimi, whose family rules Sharjah, part of the United Arab Emirates, has invested £5m.

Mr Davidson said he hopes to make several acquisitions as part of his business plan.

The company is recruiting staff and is looking to insure Mr Davidson for £5m because its prospects for success hinge rest largely on his shoulders.

Its chairman is Jersey-based Jonathan Morley-Kirk, who said a host of new pipeline schemes around the world offered the opportunity for large contracts.

Mr Davidson, who was wrongly accused of market abuse by the Financial Services Authority and declared bankrupt before clearing his name at a tribunal in 2006, has a track record of inventions, including a device to swivel radiators and a self-refrigerating drinks can. He said Fluid Leader could bring about 'a second industrial revolution'.