Various Eateries has raised £10m after launching a share placing yesterday.
The funds will be used to support roll-out ambitions over the next 18 months, with plans for up to 10 new Noci sites and up to three new Coppa Club sites, including Cardiff and Farnham.
The group already has a commitment to open the Cardiff and Farnham Coppa Club sites during calendar year 2024 and a further site is to be identified and sourced, likely within the south of England.
The Coppa Club and Noci operator placed 40,400,000 Ordinary Shares at a price of 25 pence per share.
The holdings of shareholders who do not participate in the placing will be diluted by 50.8% as a result of the placing.
The company also confirmed its intention to convert a deep discounted bond and certain secured loan agreements into new shares at the placing price.
The company issued the bond, which has a nominal value of 10.8m, to Friends Provident in mid-April.
The loan agreements are with TDR Capital Ltd and Anella Ltd, with the latter owned and controlled by executive chair Andy Bassadone.
