La Tasca raises £19m through AIM floatation
Spanish restaurant chain La Tasca is to float on the Alternative Investment Market (AIM) with a market capitalisation of £54m.
The chain – which was acquired by venture capitalist Penta Capital in 2001 and has since expanded from 16 to 45 UK sites – has raised £19m through placing new ordinary shares.
The funds will be used to reduce debt and buy back part of the company from Penta, which will retain a 23 per cent stake.
Existing shareholders have also raised £17.5m through the sale of existing ordinary shares.
The directors claim there is ‘significant scope‘ for growth of the chain and that the brand is well placed to benefit from the trend towards casual dining and the increasing popularity of Spain as a holiday destination which has popularised the country’s cuisine and style of dining.
Dealing in shares on AIM will commence on 16 February.
In the six months to October 2004 the company generated operating profit of £3.73m
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