Various Eateries makes steady start on its market debut

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Various Eateries PLC (LON:VARE), which as the name suggests owns a portfolio of restaurants, started trading on AIM on Friday.

The company raised GBP25mln (net) by way of a placing of 34.2mln shares at 73p a pop, giving it a market capitalisation of GBP65mln.

The net proceeds will principally be used to advance the group’s plans to roll out its Coppa Club and Tavolino brands and to fund future activities, which may include acquisitions.

READ Various Eateries confirms IPO details in spite of lockdown concerns

“To be launching our flotation into the teeth of the worst crisis ever faced by the hospitality industry is an incredible achievement,” declared Hugh Osmond, the founder of Various Eateries in a statement.

“Adversity is the backdrop to the creation of many of the greatest ventures, not just in business but in life. I helped to build up PizzaExpress out of the UK recession of the early 1990s; we will build up Various Eateries out of the devastation caused by this current crisis,” he pledged.

Osmond said Various Eateries has “one of the best and most experienced teams ever put together in this industry”.

The shares were trading at 73.5p in early deals.

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