Brewhouse & Kitchen is preparing to close its £7.7m equity raise after hitting its extended target within three weeks.
The offer, which was launched in December and valued the company at £1.85 a share, was made available to existing and selected new investors, including private family offices.
Chief executive Kris Gumbrell said: “We have been very pleased with the level of interest in our latest fundraise and the speed at which it ran. The board have agreed to increase the target of fundraising by 10% to £7.7m as we believe 2018 could be an interesting year for further leasehold and freehold investment to grow our brand.
“Our share value growth reflects the hard work of the team and the quality of our estate. Only four years ago we had one brewpub; today the B&K brand now operates in 17 locations with two further developments on site in Milton Keynes and Cardiff.
“As a company that was founded through EIS investment it is particularly rewarding that a number of our shareholders have augmented their original investment, and on this occasion without the incentives of the usual EIS tax breaks. They know the B&K story and have shown considerable support and belief in our business. We are excited and well prepared for new opportunities in 2018.”
Brewhouse & Kitchen worked closely with advisors Marechale Capital and co-promoters IW Capital to manage the fundraising.
Last week the group reported a like-for-like sales increase of 5.25% in December.
