(Adds details, CEO comment)
LONDON, April 23 British cafe chain and bakery
Patisserie Holdings is planning a stock market debut which could
value it at around 170 million pounds ($286 million), joining a
flurry of consumer-focused listings as the outlook for spending
in the country brightens.
Patisserie Holdings, owner of the Patisserie Valerie chain,
is chaired by Luke Johnson, former chairman of Channel 4
television who made his name backing restaurant chain Pizza
Express, a familiar brand on the British high street.
The cafe company's current backers, who include Johnson's
private equity firm Risk Capital Partners and other management,
plan to retain at least a half stake in the company, whose
listing on London's junior Alternative Investment Market is
scheduled to take place before the end of May.
"We built this business through a recession and we're now
nicely positioned to grow it," chief executive Paul May said in
an interview on Wednesday.
UK retailers including discount chain Poundland,
newsagent McColl's, Pets at Home and online
fashion outlet Boohoo.com have already listed this year
on the back of improving consumer sentiment.
A survey showed British consumer optimism had risen last
month to its highest level since around the start of the
financial crisis in 2007.
Patisserie Holdings, which operates from 138 stores as well
as selling baking products to restaurants, plans to raise around
33 million pounds through the flotation and will use the
proceeds to repay debt. Current shareholders will sell up to 55
million pounds worth of shares.
Patisserie Holdings reported core earnings in the year ended
September of 12 million pounds, 25 percent higher than the
previous year, and is eyeing new store openings. It plans to
start paying a dividend in its next financial year, ending
The original Patisserie Valerie was opened in central London
in 1926 but its premises were damaged in the second world war.
It was subsequently re-established and has been running ever
since. Risk Capital Partners acquired the business in 2006.
Canaccord Genuity is acting as financial adviser to the
($1 = 0.5944 British Pounds)
(Editing by Mark Potter)