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Wed 23rd Apr 2014 - Breaking News - Patisserie Valerie owner to float on AIM
Patisserie Valerie owner to float on AIM: Patisserie Holdings, the 138-strong UK branded café and casual dining group offering premium cakes, pastries, snacks, meals and hot and cold drinks across five differentiated brands, is to proceed with an initial public offering and to apply for the admission to trading on AIM. The company said it is favourably positioned across both the coffee shop and branded casual dining markets, together forecast to be worth circa £6 billion and forecast to grow at over 8% per annum. Average café spend per head of £8.84 (excluding Philpotts). It reported 99% of stores open for more than 12 months profitable on a store contribution basis and average payback on new store openings less than 24 months. It has identified over 250 potential further new sites identified in the UK by independent research. EBITDA for 52 weeks ended 30 September 2013 of £12.0 million (up 25.1 per cent. over prior year). A maiden dividend expected to be paid in respect of the financial year ending 30 September 2015. The group’s executive management team, led by Luke Johnson, Paul May and Chris Marsh, has overseen a period of growth from eight stores in 2006 to over 130 as at the date of this announcement, delivering seven years of uninterrupted increases in revenue and EBITDA. The Group has a proven track record of successfully opening an average of 15 new stores per annum over the three financial years ended 30 September 2013, delivering an average 23 month payback period, and of acquiring and integrating new brands, with Philpotts being the most recent. The six months to 30 March 2014 show sales of £35.7m, up 26.1% year-on-year. EBITDA was £7.1m, 24.6% up year-on-year and margin stood at 19.8%. The company is seeking to raise approximately £33 million (before expenses) through the Placing, the net proceeds of which will be used, amongst other things, to repay all of the Group’s existing outstanding senior debt of approximately £21.9 million and shareholder loans of approximately £10.8 million. In addition, the Selling shareholders are expected to offer existing Ordinary Shares for sale pursuant to the Placing in an amount of up to £55 million. Luke Johnson, executive chairman of Patisserie Holdings Limited, said: “Patisserie Holdings has a leading position in an attractive market, built around five differentiated brands. The management team has an excellent track record in the sector and has grown the business from eight stores in 2006 to more than 130 stores today, delivering seven years of uninterrupted increases in revenue and EBITDA. I am pleased to welcome Lee Ginsberg who is joining the Board alongside Paul May, Chris Marsh and James Horler. The rapid progress made by the Group over recent years and the opportunities that lie ahead make this an exciting time for us to bring the Group to AIM.” Paul May, chief executive of Patisserie Holdings Limited, said: “We have built a strong business around a portfolio of appealing brands supported by our own bakeries and logistics. Our stores combine high quality, value for money, affordable treats with efficient service in a visually appealing environment. We trade in flexible locations that attract consumers for breakfast, a casual lunch, a quiet meeting in the afternoon or a relaxing dinner. This flexibility drives all day trading which benefits us even during the traditionally quieter mid-morning and mid-afternoon periods. With this favourable positioning across fragmented markets, we believe we are well-placed to continue to deliver strong organic growth, with additional opportunities for potentially attractive acquisitions of other, smaller branded groups.”
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