Carluccios will cash in up to £10m as their company floats

Italian chef Antonio Carluccio and his wife, Priscilla, are set to cash in up to 10m of shares when their eponymous food chain floats next month.

The chain of 23 caf-cum-delis will be valued at between 50m and 60m when it goes live on the Alternative Investment Market around mid-December.

Founders Antonio and Priscilla will then leave the company's board of directors, but remain as part-time consultants. They are also expected to reduce their share-holding from about 20% to 3%.

Carluccio managing director Simon Kossoff said Antonio would continue to represent the brand to customers and the media, as well as developing food products and new menu items.
Priscilla will consult on the development of Carluccio's branded food products and the design of new outlets.

Kossoff said the group had identified about 100 further potential sites, but would continue a strategy of "measured growth" with about five new outlets planned a year. The restaurant group announced the opening of new outlets in Reading and in Westbourne Grove, London, last week.

In the 52 weeks ended 25 September 2005, Carluccio's increased turnover by 32.4% to 36.8m (from 27.8m in 2004), while profit before tax rose 45.8% to 3.5m before exceptional costs.