Patisserie Holdings to float on AIM
Patisserie Holdings, the owner of Patisserie Valerie and Baker & Spice, has announced plans to float on Londons Alternative Investment Market.
The group, which operates 138 stores, is seeking to raise approximately £33 million through the placing. The funds will be used to repay £21.9 million in senior debt and shareholder loans of about £10.8 million. The group is also planning to expand across the UK after identifying 250 sites for potential new stores.
Patisserie Holdings executive chairman Luke Johnson said: “Patisserie Holdings has a leading position in an attractive market, built around five differentiated brands. The management team has an excellent track record in the sector and has grown the business from eight stores in 2006 to more than 130 stores today, delivering seven years of uninterrupted increases in revenue and EBITDA.”
Chief executive Paul May added: "With this favourable positioning across fragmented markets, we believe we are well-placed to continue to deliver strong organic growth, with additional opportunities for potentially attractive acquisitions of other, smaller branded groups."
In the 52 weeks to end September 2013, Patisserie Holdings grew its EBITDA by 25.1% to £12 million. The group’s other brands include Druckers, Philpotts and Flour Power City Bakery.
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