Various Eateries begins trading on AIM

By James McAllister

- Last updated on GMT

Various Eateries begins trading on AIM market London Stock Exchange Hugh Osmond Coppa Club

Related tags: Hugh osmond, London stock exchange, Restaurant

Various Eateries, the restaurant group founded by hospitality entrepreneur Hugh Osmond, has entered its first day of trading on the AIM market of the London Stock Exchange today (25 September).

The company, which operates the seven-strong Coppa Club brand and the recently opened Tavolino near in London Bridge, has raised £25m (before expenses) by way of placing 34,246,576 new ordinary shares with institutional and other investors at a price of 73 pence per ordinary share.

Its market capitalisation at the placing price on admission will be £65m.

The group has previously said​ that both Coppa Club and Tavolino are 'positioned to benefit from the post-Covid environment', and will use the net proceeds to advance its plans to roll out both brands and also fund 'future activities' including acquisitions.

“To be launching our flotation into the teeth of the worst crisis ever faced by the hospitality industry is an incredible achievement,” says Osmond.

“It is a testament to the strength of the Various Eateries team and to our brokers, WH Ireland.

“I am sad to see many high streets devastated by the turmoil in hospitality and retail. But we will take those empty sites and turn them into busy all-day community hubs suited for how people in the post-Covid 2020s will want to live.

“Hospitality is about so much more than food and drink. Hospitality is about freedom, frivolity and fun. It is about providing places that human beings want to go to in order to meet other human beings, to socialise and to enjoy life.

“To many, this crisis is an existential threat; but it is also a once-in-a-lifetime opportunity to build a new, major leisure business, based on how people want to live now.

“That is why we are floating Various Eateries today and that is what we are raising money to try to achieve.”

As well as Osmond, the Various Eateries board also includes former Strada chief executive Andy Bassadone; the Ivy Collection's former executive operations director Yishay Malkov; Oli Williams, who was previously group financial controller of Itsu and senior franchise accountant at McDonald’s; and Matt Fanthorpe, former chef director at Jamie’s Italian.

Related topics: Business

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