Various Eateries, the Hugh Osmond-backed operator of the Coppa Club, has confirmed its proposed admission to trading on AIM, with a share placing to raise around £25m.

The company will place 34,246,576 ordinary shares of 1 pence each, at a price of 73 pence per share. 

Based on the placing price, the market capitalisation of the company will be approximately £65m on admission.

The company will have 89,008,477 ordinary shares in issue and a free float of approximately 21.6%.

The £25m raised will be used to roll out the Coppa Club and Tavolino brand and allow greater access to capital to fund future activities, including acquisitions.

It will also facilitate the recruitment and retention of qualified staff through the issue of options over publicly traded shares, and raise the profile and reputation of the group within the industry.

Admission and commencement of dealings on AIM are expected to take place at 8am on 25 September 2020 under the ticker VARE.