Various Eateries Group, the owner of Coppa Club, has set its sights on expansion after successfully completing a £25m fundraise.
In September last year, the company revealed plans to raise £25m through an AIM listing as part of a plan to further roll out its Coppa Club and Tavolino brands.
At the time it said it was aiming to acquire distressed brands that have succumbed to the pressures of the pandemic.
Founder Hugh Osmond said the company will ‘take new sites, build new venues, employ new people and create new places for people to go, on the high street and in local communities’.
He added that to be ‘launching our flotation into the teeth of the worst crisis ever faced by the hospitality industry is an incredible achievement’.
Now the fundraise and ‘substantial restructuring’ will advance the group’s strategy to roll out its Coppa Club and Tavolino brands and to fund future activities, potentially including acquisitions.
The company, headquartered in London, said as soon as the country is given the green light by government, it will expand the business, with its brands ‘poised to take advantage of the availability of prime high street sites’ and the ‘increase in remote working’.
Andy Bassadone, executive chairman of Various Eateries, commented: “With a pandemic, a substantial restructuring and our successful fund-raising and listing on AIM, 2020 was a remarkable year for Various Eateries that puts us in an excellent position in 2021.
“The opportunities as we move out of the Covid-19 era are enormous and with strong liquidity, contemporary formats, a compelling growth strategy and a management team with a proven track record of delivery, we are confident in our ability to capitalise on them.
“While lockdowns restricted our ability to trade in the year, sales in the periods we were able to open were above our expectations and bode well for the future.
“Operationally we were also able to make significant progress, with the opening of our first Tavolino and the new Coppa Club in Cobham of particular note.
“As soon as we are given the green light by government, we plan to expand the business, to employ more people and to give customers high-quality experiences of hospitality, perfectly suited to a post lockdown world.
“With large sites, extensive outdoor space and all-day offer, Coppa Club is perfectly suited to the increase in remote working and Tavolino is poised to take advantage of the availability of prime high street sites across the UK.”