Monday 28 October 2013 12:15 am

Bar group plans to raise £10m in London float for expansion

ECLECTIC, the UK bar group with 19 locations and brands including Fez and Po Na Na, has announced its intention to float on London’s Alternative Investment Market.The share sale is intended to raise £10m for Eclectic, which the group will use to pay off a £7.3m shareholder loan and invest into new site acquisitions.“I see a great opportunity to grow this business both organically and via selective new siteacquisitions. The IPO will help accelerate this growth strategy,” said chief executive Reuben Harley.Eclectic Bar Group has had revenue growth of 36 per cent over the past two years with revenue of £21.2m in 2013.The IPO is expected to happen within the next month and Panmure Gordon is acting as nominated adviser and broker to the company.