Loungers seeks AIM flotation to help fund future development
Restaurant operator Loungers is looking to float its shares on London's junior market later in the month in order to position the group for the next stage of its development.
Loungers, which operates around 150 sites across the UK, also hopes the AIM listing will help it raise its profile and allow it to offer share-based incentives to its staff.
The Bristol-based outfit will allow existing shareholders, including private equity firm Lion Capital, to cash in their chips and realise a portion of their investment into the group.
Chief executive Nick Collins said: "I am delighted to announce our intention to list on AIM.
"It has long been the ambition of the founders and myself that Loungers becomes a listed entity. The listing will allow us to broaden the employee shareholder base and provide us with an appropriate capital structure to pursue our future growth ambitions."
In terms of Loungers' recent performance, like-for-like surged a record 11% in the all-important holiday trading quarter. In 2018, Loungers reported an underlying profit of £16.6m on revenues of £121.1m.
"We believe our track record speaks for itself and look forward to the opportunity which lies ahead to deliver significant value for all shareholders," concluded Collins.