AIM float to raise Lola Lo owner £15m
- Credit: Archant © 2010
The parent company of Norwich nightclub Lola Lo's has announced its intent to float on the stock market in a bid to raise £15m.
Eclectic Bar Group is selling 6,562,500 shares at a 160 pence each on AIM, raising a minimum of £10.5m.
It expects the float, which take place on November 28, will value the company at £20.6m.
The majority of the funds will be used to pay off a shareholder loan of £7.3m to Avanti – with £1.8m earmarked for organic growth and acquisition opportunities.
The management will hold 27pc of the ordinary shares.
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Reuben Harley, chief executive officer of Eclectic, which owns a string of venues across London and the UK, said: 'We are delighted with the support and reception that we have received from investors resulting in additional funds being raised allowing Avanti to exit completely and Eclectic to begin life on AIM with a larger free float and supportive institutional shareholder base.
'We have an optimum capital structure and experienced management team to continue to grow the business.'
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