Various Eateries to capitalise on ‘reduced competition’ in casual dining market
The business behind restaurants Coppa Club and Noci, Various Eateries, is looking to ramp up the rollout of both sites as it looks to capitalise on “reduced competition” in the casual dining market.
In an update to markets this morning, Various Eateries said it was looking to raise £10m by issuing ordinary shares to existing shareholders and other investors at 25 pence per share.
The firm said: “The directors consider that, given the current market conditions, the company’s financial position and its ambitious rollout plans, it is necessary to increase the company’s capital and working capital position through the placing and reduce its ongoing liabilities with the conversion.”
Various Eateries, which listed on the London market three years ago, said it wanted to capitalise on the changing landscape in the property market — thanks to recent changes to planning classification, which make it easier to turn retail into restaurant spaces.
The company also said there was “reduced competition” in the market thanks to the cost of living crisis. It said recent trends had “accelerated the decline” of other restaurant groups, especially in the Italian mid-market sector where Noci sits.
Various Eateries has some 17 locations across the UK, including sites in Battersea and Tower Hill.
The firm added: “The directors believe that the group is well positioned for growth because it has two established brands Coppa Club and Noci.”
“Furthermore, in the directors’ experience, in challenging market conditions, focusing on the top-line, as opposed to maximisation of short-term profits through cost cutting, is fundamental to future success.”
Shares in the company opened flat in London.