Various Eateries looks to raise £12m
The Hugh Osmond-backed group, which owns the Coppa Club, Noci and Tavolino Bar & Kitchen brands, is also looking into a potential debt for equity conversion.
Various Eateries currently has an estate of c.16 sites and a market cap of £24m.
The announcement to the London Stock Exchange comes after Sky News reported Various Eateries was looking to tap investors for cash to fund expansion.
The group said any potential transaction would be subject to shareholder approval amongst other matters, so there was no guarantee any transaction will go ahead.
A statement said: “The group is well positioned to capitalise on the opportunities that have been presented post Covid, particularly changes in consumer behaviour, and also, both the availability and the commercials of sites.
“Building upon the success of Coppa Club and Noci, any monies raised from the transaction (less fees) would be used to accelerate growth across the group with the further rollout of both brands.”
Last month, Various Eateries said it expects its modern Italian pasta concept Noci to ‘become an increasingly core part of its growth strategy’ following successful openings in Shoreditch and Battersea.
It came as revenues rose to £45.5m (unaudited) in the 52 weeks to 1 October 2023, up from £40.7m the year before.
