Fulham Shore, the restaurant venture from ex-Clapham House Group chairman David Page, has raised £660,500 in a further share placing as it looks to make further acquisitions and investments.
The money, which does not include expenses, was raised through a placing of 13.2m new ordinary shares of 1p each at 5p per placing share.
Directors and their families have taken 5.2m of the placing shares, with Page spending £30,000 acquiring 600,000; his stake in the venture is now 18.4%.
Finance director Nick Wong spent £125,000 buying 2.5m placing shares (his stake is now 8.1%). Other directors Nabil Mankarious and Nick Donaldson invested £55,000 and £50,000 buying 1.1m and 1m placing shares respectively.
Fulham Shore said: “The net funds raised in the placing, in addition to the cash already held by the company, will be used by the company for the identification and acquisition of, or investment in, restaurant businesses, in line with its investing strategy.”
In May 2013, the company completed a placing of 14.5m ordinary shares of 1p each at 4p per share raising £580,000, which added to the near-£1m it had already raised.
Last year Fulham Shore reported a pre-tax loss of £74,399 in the six months to 29 September and said it continues to seek investment opportunities in the sector.
At that time, the firm said the first Franco Manca pizza concept opened under a new venture funded by Fulham Shore, which opened in November at London’s Tottenham Court Road, has “so far has been operating satisfactorily”.
