High street restaurant chain Nando’s has poured cold water on speculation that it is considering a stock market flotation.
Reports surfaced last week that the group, which operates 350 restaurants in the UK, had opened discussions with advisers about an IPO, possibly in London, to raise funds for further expansion.
Unnamed sources were quoted as saying that the company was in the “early stages” of planning a share sale, although no final decisions had been made.
But the company quickly reacted to the rumours by saying that they were untrue.
“The speculation about a Nando’s IPO is incorrect, nor are they currently considering fundraising,” a spokesperson told Reuters in a statement. “Nando’s is a privately owned business that still owned by the entrepreneurs who set up the business in the first place.”
According to Reuters, an IPO would have marked a return to the stock market after the company delisted from the Johannesburg stock exchange following a buyout led by management, including founders Fernando Duarte and Robert Brozin.
They opened the first branch of the peri peri chicken chain in 1987 and now run 1,000 branches globally. Nando’s is available in 35 countries.