Various Eateries confirms IPO details
Various Eateries plc (VARE) confirmed it looks to join AIM by placing 34mln shares at 73p each to raise £25mln.
It values the company at £65mln, with 89mln in issue and a free float of 21.6%.
READ: Restaurant group Various Eateries plans AIM listing to capitalise on industry crisis
The restaurant group, which seeks a listing in one of the hardest times for the industry, would use the funds to roll out its Coppa Club and Tavolino brands and expand the portfolio through acquisitions of troubled competitors.
Its directors believe there will be a power shift in favour of tenants and operators in light of the pandemic, with potential one-way tenant breaks, upward and downward rent reviews and leases linked to turnover.
Observing a change in consumer behaviour, the Coppa Club and Tavolino venues pride themselves of large outside seating and potential for social distancing.
Six-year-old Various Eateries made a pre-tax loss of £16mln in 2018, then sold most of its Strada sites and converted the ten sites left in the two new upscale formats.
Summer trading has been between 50-60% of 2019 levels in the central London venues, while those located in the rest of the country are nearly recovering to pre-pandemic figures.
The first day of trading is scheduled for next Friday.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/929515/various-eateries-confirms-ipo-details-929515.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).