Coppa Club owner confirms plans to raise £12m to fuel expansion

The restaurant group behind the Coppa Club and Noci brands has confirmed plans for a potential £12m fundraise to fuel its expansion.

Various Eateries, which is led by hospitality entrepreneur Hugh Osmond, has responded to press speculation about its future.

It said it is in advanced stages to conduct fundraising at 25p a share and is considering a potential debt for equity conversion.

Any funds raised would be used to further rollout all-day dining concept Coppa Club and the Noci pasta restaurant brand.

However, the company stressed there was no guarantee plans would go ahead as any move would be subject to shareholder approval.

"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," Various Eateries said in a statement.

"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."

Various Eateries was founded by Osmond in 2014 and developed Coppa Club out of a portfolio of former Strada sites. The group runs 17 restaurants across the south and west of England, including the Tavolino restaurant in London Bridge.