3rd Jul 2014 08:09
LONDON (Alliance News) - Crawshaw Group PLC Thursday announced plans to raise GBP8.8 million gross proceeds in a share placing to support its plans to open new stores and invest in its IT and logistics infrastructure.
Crawshaw will issue 21.0 million new shares at 42 pence each. Shares in Crawshaw were trading down 6.8% at 55.00 pence Thursday morning.
The meat retailer said it planned to grow its business through securing new profitable store locations, with the aim of having an estate of 200 shops within eight years. It is currently investing in a new processing and distribution centre in Rotherham to support its expansion, which it expects to be operational by the fourth quarter of the year.
The new centre will be able to service 60 locations, Crawshaw said, potentially covering the North West, the Midlands and the North East.
Crawshaw will step up its store opening programme throughout 2015 and beyond, and said it believes its new store model with fit out costs below GBP250,000, is the basis of a profitable roll-out plan.
The company also said it is seeking to recruit a new chief executive with relevant experience to spearhead the roll-out and support Managing Director Kevin Boyd.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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