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This announcement contains certain inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
VARIOUS EATERIES PLC
("Various Eateries" or "the Company" and with its subsidiaries "the Group")
Response to press speculation
The Company notes the recent press speculation and confirms that it is in advanced stages of conducting a potential fundraising of up to £12m at 25p, and a potential debt for equity conversion; with any potential transaction subject to, amongst other matters, shareholder approval. Accordingly there can be no guarantee that any transaction will proceed.
The Group is well positioned to capitalise on the opportunities that have been presented post Covid, particularly changes in consumer behaviour, and also, both the availability and the commercials of sites. Building upon the success of Coppa Club and Noci, any monies raised from the transaction (less fees) would be used to accelerate growth across the Group with the further rollout of both brands.
Further updates will be provided in due course.
Contacts
| Various Eateries plc | | Via Alma |
| Andy Bassadone | Executive Chairman | |
| Sharon Badelek | Chief Financial Officer | |
| | | |
| WH Ireland Limited | Sole Broker and NOMAD | Tel: +44 (0)20 7220 1666 |
| Broking Harry Ansell | | |
| Nominated Adviser Katy Mitchell | | |
| | | |
| Alma | Financial PR | Tel: +44 (0)20 3405 0205 |
| David Ison | | variouseateries@almastrategic.com |
| Rebecca Sanders-Hewett | | |
About Various Eateries
Various Eateries owns, develops and operates restaurant, clubhouse and hotel sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation".
The Group is led by a highly experienced senior team including Hugh Osmond (Founder), Andy Bassadone (Executive Chairman), and Sharon Badelek (CFO).
The Group operates three core brands across 18 locations:
· Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and workspaces
· Tavolino, a restaurant aiming to address a gap in the market for high-quality Italian food at mid-market prices
· Noci, a modern, neighbourhood pasta-only concept which serves very high-quality dishes at reasonable prices
For more information visit www.variouseateries.co.uk
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