INDIVIDUAL Restaurant Company, the group behind the Restaurant Bar and Grill and Piccolino chains, yesterday said it has beaten its target of raising £2.1m with a share sale.
The firm took the opportunity to place a further 3,950,216 shares – the 10 per cent maximum amount it was granted at its recent annual meeting – to raise a further £500,000, taking the total amount to £2.6m.
It said the new money would create headroom to pursue new restaurant openings.
Chief executive Stephen Walker has taken up his full entitlement, investing £330,000 in the offer.
Shareholders were entitled to subscribe for up to 4.1 shares at 13p for every 10 shares currently held. He now owns 2,562,349 shares – or around 14.8 per cent of the total. Operations director Iain Donald has also reinvested and now holds 2.1 per cent.