CHILDREN'S nurseries chain kidsunlimited is aiming for annual revenues of up to £50m within three years, bosses said today.

The Wilmslow-based group plans to open between six and eight nurseries a year, mostly in the London area where returns are higher.

Kidsunlimited typically charges £80 a day per child in and around the capital, compared with £40 in areas of Greater Manchester, but the difference in rental costs is less.

It currently has 49 nurseries, with the 50th due to open in Chelsea in November.

Directors said today they have earmarked five other sites around London and one in Altrincham for expansion over the next 14 months.

Kidsunlimited was founded in 1983 by Stewart and Jean Pickering.

Earlier this year, it underwent a secondary buyout which valued the business at £45m. Management, led by chief executive Lee Pearson, took a majority shareholding, while private equity outfit LDC invested for a minority stake in a deal which provided an exit for ISIS Equity Partners.

Turnover for the year to the end of April was £30.8m, up from £27.4m.

This year, kidsunlimited is expected to post revenues of around £35m with profits of £5.5m, up from £3.7m.

The credit crunch is forcing mums to return to work earlier than planned or to work more days, which is fuelling growth for the chain.

Finance director Rob McNamara and commercial director Jeremy Clark said the group would look at acquisitions to help achieve their sales target.