DP Poland to raise £3m in placing to support growth strategy

DP Poland said on Tuesday that it’s looking to raise around £3m in a placing and subscription to cover the costs of its integration with Dominium - the restaurant group it acquired earlier this year - and to support its growth strategy.

The operator of pizza stores and restaurants across Poland said the fundraising will be comprised of a placing and subscription of 37.5m new shares at 8p each. The issue price represents a premium of around 14.3% to the closing middle market price on Tuesday.

The group will use the proceeds to cover the costs of integrating Dominium, which it bought in July, and for the store roll-out programme and advertising.

"As the company continues to work towards its objective of becoming a market leader in Poland, it requires additional capital investment to implement its growth plan for further expansion and market penetration into both existing and new cities and towns," it said.

"The directors expect that improved scale will help the company to achieve its objectives and facilitate a step change in long-term revenue."