Upper Crust owner SSP completes £475m rights issue

SSP has allocated all the shares in its £475m rights issue to strengthen its finances during the extended Covid-19 crisis.

The owner of the Upper Crust baguette chain said it received valid acceptances on Wednesday for new shares worth 98.05% of the total offered. SSP's investment bank underwriters then found a buyer for the remaining 1.95% of the shares at 311.5p per share.

The FTSE 250 group's shares rose 4.5% to 325.60p at 10:00 BST.

SSP, which operates branded food outlets in airports and train stations, has been hammered by travel restrictions imposed to contain the spread of Covid-19, effectively halting commuter travel and holidays. The company last year raised £216m as the economy entered the crisis.

Announcing the rights issue on 17 March, SSP, whose chains also include Ritazza cafes and Camden Food Co, said it needed the money because the effects of the crisis were lasting longer than expected.