Patisserie's IPO price gave it a market capitalisation of around
Patisserie said the net proceeds will be used primarily to repay all of its existing outstanding senior debt of approximately
The company said it is also hoping to expand, having identified over 250 further potential sites in the
In addition, it said, the selling shareholders will receive gross proceeds of
On admission to AIM, the company had 100 million shares in issue, with a free float of 48.4%.
"We have grown the business from 8 stores to 138 today, and I'm delighted that our new investors have recognised the potential to roll out Patisserie Valerie further," said Executive Chairman
Johnson, the company's largest shareholder, now owns 42.7% of the company following the placing, while the remaining directors and members of senior management own 5.9% of the company.
Johnson, which chairs private equity house
The IPO was led by
For the year ended
As well as Patisserie Valerie and Philpotts, it also operates the cafe chains Baker &
The company has said it expects to pay a maiden dividend in the financial year ending
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