28th Oct 2013 09:59
LONDON (Alliance News) - Avanti Capital PLC Monday said one of its portfolio companies, Eclectic Bar Group PLC, intends to float on AIM.
Avanti Capital shares were up 52% at 85.00 pence following the news.
"Avanti believes that Eclectic has substantial growth opportunities and this transition to the public markets should provide the capital to accelerate its growth whilst deepening and broadening its infrastructure to ensure that such growth will continue to be built on firm foundations. We also hope the IPO crystallises a return for our loyal shareholders," Richard Kleiner, director of Avanti Capital, said in a statement.
Eclectic, a premium bars business, is 60% owned by Avanti Capital.
The investment management company that invests in bars and restaurants also said it is due a GBP7.3 million loan from Eclectic.
On October 24, Avanti Capital said Electric Bars delivered a strong performance in the 12-month period ended June 30, with sales up 7% at GBP21.2 million.
By Samuel Agini; [email protected]; @samuelagini
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