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Gourmet to raise over £5m for expansion

09 November 2005
Gourmet to raise over £5m for expansion

Owners of the Richoux and Bel and the Dragon chains, Gourmet Holdings, is seeking to bankroll a major expansion programme through placing £5.2m new shares.

The company plans to place 14.4 million ordinary shares at 36p each on AIM, raising £4.9m after expenses.

An extraordinary general meeting will be held on 2 December to give existing shareholders an opportunity to have their say through a vote.

Chairman Nigel Whittaker said: "We are now able to accelerate the roll-out of our pub-restaurant business following the strong support we have received from both existing and new institutional investors."

Gourmet Holdings has six pub-restaurants, three operating under the Bel and the Dragon name. It also has four Richoux restaurants in central London.

The company hopes to build both brands into national chains capitalising on consumers' increasing desire to dine out affordably.

By Chris Druce

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