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The Caterer

Sandwich chain Benugo to float

13 November 2006
Sandwich chain Benugo to float

An upmarket sandwich chain, which has catering contracts with some of the UK's largest investment banks, is preparing to float on the Alternative Investment Market (AIM).

Benugo, whose clients include Deutsche Bank, Lehman Brothers and UBS, has sounded out financial advisers on a possible listing on London's junior stock market, reports The Times.

"It is something we have looked into," said Ben Warner, who, with his brother Hugo, founded the company with one outlet in Farringdon, central London eight years ago.

However, Warner said the company will not to pursue a float until the second half of next year, when the company will have full-year figures to April 2007 under its belt.

In the short term, Warner also wants to expand Benugo's management team and invest in the business, which he says will be easier to do as a private entity.

Benugo is predicted to make sales of up to £14m in its current financial year, producing profits of nearly £800,000, and £17m the following year.

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By Daniel Thomas

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