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Morning Briefing for pub, restaurant and food wervice operators

Wed 6th Feb 2019 - Richoux Group to go private following shareholder backing
Richoux Group to quit AIM stock market and go private following shareholder backing: Shareholders of Richoux Group, which owns and operates Richoux, Friendly Phil’s, Villagio and The Broadwick restaurants, have backed the board’s proposal to cancel admission of its ordinary shares to trading on AIM and re-register as a private limited company. The directors announced their intention to withdraw from the stock market last month “in the best interests of the company and shareholders”. They said the “considerable” cost, management time, and legal and regulatory burden associated with maintaining the company’s admission on AIM was “materially disproportionate” to the benefits, given the company was “unlikely to receive material support from potential providers of capital or additional financing to support the company as it is currently structured”. The directors said they had come to the decision the cancellation would enable the company to significantly reduce administrative costs, enabling Richoux to continue trading as a private company, possibly without requiring external funding while the company focused on improving its estate. The company stated: “Further to the announcement dated 18 January, at its general meeting all resolutions were duly passed. Accordingly, it is expected the cancellation of admission to trading of ordinary shares of 4p each in the capital of Richoux will become effective at 7am on 15 February and the last day of dealings in ordinary shares on AIM will therefore be 14 February. As previously announced, application will be made to the Registrar of Companies for the company to be re-registered as a private limited company shortly following cancellation, and the new articles will be adopted to reflect the change in the company’s status.” Richoux Group currently operates 14 restaurants.

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