The Food and Drink Group has reported a 5.5% rise in like-for-like sales for the first 41 weeks of the year against last year, in line with expectations. The news came after the company announced plans to raise £1.5m - £1.4m after expenses – through a share placing. KBC Peel Hunt has conditionally placed 600,000 shares at 250p per share. The funds raised will be used by the group to fund refurbishments and new sites, and strengthen its balance sheet. Stephen Thomas, the company’s chairman said: “The additional funds will enable us to take advantage of current refurbishment opportunities. “The recently completed refurbishment of Jamies Bishopsgate, with its new updated format, has seen strong trading since opening and we plan to roll this out to other sites in the estate. It will also allow us to continue our expansion programme.”