Various Eateries confirms IPO details

Various Eateries plc (VARE) confirmed it looks to join AIM by placing 34mln shares at 73p each to raise £25mln. It values the company at £65mln, with 89mln in issue and a free float of 21.6%. READ: Restaurant group Various Eateries plans AIM listing to capitalise on industry crisis The restaurant group, which seeks a listing in one of the hardest times for the industry, would use the funds to roll out its Coppa Club and Tavolino brands and expand the portfolio through acquisitions of troubled competitors. Its directors believe there will be a power shift in favour of tenants and operators in light of the pandemic, with potential one-way tenant breaks, upward and downward rent reviews and leases linked to turnover. Observing a change in consumer behaviour, the Coppa Club and Tavolino venues pride themselves of large outside seating and potential for social distancing. Six-year-old Various Eateries made a pre-tax loss of £16mln in 2018, then sold most of its Strada sites and converted the ten sites left in the two new upscale formats. Summer trading has been between 50-60% of 2019 levels in the central London venues, while those located in the rest of the country are nearly recovering to pre-pandemic figures. The first day of trading is scheduled for next Friday.