Comptoir Group will proceed with opening four new restaurants after raising £4m in funding from a share placement – and hopes to swell its coffers further with a sale and leaseback deal for its CPU.
The Lebanese restaurant chain plans to open two restaurants before the end of its current financial year in December and the other two in 2018.
It was seeking a minimum of £2m financing to fund this year’s projects, but the extra investment means it can continue to roll out new sites in 2018.
The company recently announced that it expects to conclude a sale and leaseback of its freehold central processing unit (CPU), the net proceeds of which are to be used to strengthen the group’s working capital position.
Although the timing to complete the transaction is unknown, it believes approximately £2m could be raised through the sale and leaseback of the CPU.
The share placement is a separate fundraising exercise to the CPU leaseback but both are designed to give it sufficient financial resource to carrying on expanding.
As and when the sale and leaseback of the CPU is completed, Comptoir said it will use these funds for general working capital purposes and to assess further new restaurant opportunities.
Figures for the first six months of the year show that Comptoir generated adjusted EBITDA of £200,000 on sales of £13.1m.
Comptoir currently owns and operates 23 restaurants, with a further two franchise sites.
The group opened a branch in Gloucester Road in January and Reading in July. Both are “trading in line with board expectation”, it said.