Response to press speculation

Various Eateries PLC

05 December 2023

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

This announcement contains certain inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

VARIOUS EATERIES PLC

("Various Eateries" or "the Company" and with its subsidiaries "the Group")

Response to press speculation

The Company notes the recent press speculation and confirms that it is in advanced stages of conducting a potential fundraising of up to £12m at 25p, and a potential debt for equity conversion; with any potential transaction subject to, amongst other matters, shareholder approval.  Accordingly there can be no guarantee that any transaction will proceed.

The Group is well positioned to capitalise on the opportunities that have been presented post Covid, particularly changes in consumer behaviour, and also, both the availability and the commercials of sites. Building upon the success of Coppa Club and Noci, any monies raised from the transaction (less fees) would be used to accelerate growth across the Group with the further rollout of both brands.

Further updates will be provided in due course.

Contacts

Various Eateries plc		Via Alma
Andy Bassadone	Executive Chairman
Sharon Badelek	Chief Financial Officer
WH Ireland Limited	Sole Broker and NOMAD	Tel: [phone]
Broking   Harry Ansell
Nominated Adviser  Katy Mitchell
Alma	Financial PR	Tel: [phone]
David Ison		[e-mail]
Rebecca Sanders-Hewett

About Various Eateries 

Various Eateries owns, develops and operates restaurant, clubhouse and hotel sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation". 

The Group is led by a highly experienced senior team including Hugh Osmond (Founder), Andy Bassadone (Executive Chairman), and Sharon Badelek (CFO). 

The Group operates three core brands across 18 locations: 

·      Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and workspaces 

·      Tavolino, a restaurant aiming to address a gap in the market for high-quality Italian food at mid-market prices 

·      Noci, a modern, neighbourhood pasta-only concept which serves very high-quality dishes at reasonable prices 

For more information visit www.variouseateries.co.uk

 

END