Various Eateries to Raise £10 Million for Expansion
Various Eateries, a prominent operator of restaurants and hotels in the U.K., has announced its plans to raise approximately £10 million ($12.6 million) through a share placing. The funds will be utilized to establish a series of new sites as part of the company's expansion strategy.
The share placing will involve offering shares at a price of 25 pence each, representing a slight discount of around 3.9% compared to the closing share price on Tuesday. In addition, Various Eateries intends to convert a deep discount bond worth £10.8 million into new ordinary shares at the placing price.
One of the primary objectives of this capital raising initiative is to support the rollout of up to 10 new Noci sites and up to three new Coppa Club sites. Currently, the company operates across 18 locations, and with these new additions, it aims to further enhance its presence in the market.
"The directors believe that given the current market conditions, the company's financial position, and its ambitious expansion plans, it is imperative to increase the company's capital and working capital position through the share placing. This move will also help reduce ongoing liabilities through the bond conversion," stated Various Eateries.
Trading of the newly placed shares is expected to commence around December 27.
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