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Prezzo raise more cash to fund expansion

Restaurant group Prezzo has raised an additional £7.5m before expenses through a share placing to fund its continuing expansion.

It placed 12.5 million shares with new and existing shareholders at a price of 60p per share.

The price per share represents a 9.8% discount on the closing price of the company’s shares on 17 February, 65p, the last trading day prior to the announcement.

Prezzo currently has 73 restaurants, which its directors said were currently trading in line with expectations.

It expects the new shares to be admitted to the Alternative Investment Market on 24 February.

Prezzo expansion drives turnover and profit growth >>

By Chris Druce

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