(Alliance News) - Various Eateries PLC on Friday started trading on London's junior AIM market amid one of the "worst crisis" ever faced by the hospitality sector
The stock was quoted at 72 pence Friday morning, down from from its initial public offering price of 73p, giving it a market capitalisation of GBP64.9 million.
Various Eateries PLC, which operates Coppa Club and Tavolino branded restaurants in the UK, raised GBP25 million through placing of 34.2 million shares at 73p each.
Proceeds from the IPO will be used by Various Eateries to roll out the two brands and fund future activities, possibly acquisitions.
Hugh Osmond, founder of Various Eateries, said: "To be launching our flotation into the teeth of the worst crisis ever faced by the hospitality industry is an incredible achievement. It is a testament to the strength of the Various Eateries team and to our brokers, WH Ireland.
"Adversity is the backdrop to the creation of many of the greatest ventures, not just in business but in life. To many, this crisis is an existential threat; but it is also a once-in-a-lifetime opportunity to build a new, major leisure business, based on how people want to live now. That is why we are floating Various Eateries today and that is what we are raising money to try to achieve."
By Tapan Panchal; email@example.com
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