Patisserie Holdings plc, which operates a leading UK branded café and casual dining group announced 14 May the successful pricing of its initial public offering by way of a conditional placing of 46,645,794 new and existing ordinary shares of one penny each at 170 pence per share with institutional and other investors.
Based on the Placing Price, the market capitalisation of the Company will be £170 million on admission to trading on the AIM Market of the London Stock Exchange becoming effective.
The Company has conditionally raised £32.8 million (before expenses) through the Placing, the net proceeds of which will be used to repay the Group’s existing outstanding senior debt and shareholder loans. In addition, the selling shareholders will receive gross proceeds of£46.5 million pursuant to the Placing.
Following the Placing, Luke Johnson, the largest shareholder, will own 42.7 per cent of the Company. The remaining directors and members of senior management will own 5.9 per cent of the Company.
A key step in the development of the Group
Commenting on today’s announcement, Luke Johnson, Executive Chairman of Patisserie Holdings plc said:
“Today’s announcement marks a key step in the development of the Group. We have grown the business from 8 stores to 138 today, and I’m delighted that our new investors have recognised the potential to roll out Patisserie Valerie further. We look forward to a strong future as a quoted company.”
The group is a leading UK branded café and casual dining group offering cakes, pastries, snacks, meals and hot and cold drinks from 138 stores and the Flour Power City Bakery in the UK. It operates under the following five differentiated brands across England and Scotland:
- Patisserie Valerie;
- Druckers – Vienna Patisserie;
- Philpotts;
- Baker & Spice; and
- Flour Power City Bakery.