06 May 2010
Placing of Ordinary Shares
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Clapham House, the AIM listed restaurant company which operates 58 restaurants across the UK and 15 internationally through two distinct brands: The Real Greek and the Gourmet Burger Kitchen ("GBK"), today announces the conditional placing of 3,730,000 new Ordinary Shares (the "Placing Shares") at 60 pence per share to raise approximately £2.2 million (gross) for the Company (the "Cash Placing") to support a new restaurant opening programme in the financial years ending March 2011 and 2012.
Paul Campbell, Chief Executive commented:
"We slowed our expansion programme over the last two years during the recession. We chose our new sites carefully during this period and will continue to do so. Recent openings have demonstrated good returns on capital and we are therefore now looking to accelerate our GBK openings.
We have already identified a number of locations which we believe have good potential for FY 2011 and 2012. This will drive the continuing growth of GBK, as well as creating employment opportunities within the Company.
This fundraising will facilitate the expansion of the GBK business whilst maintaining headroom in our banking facilities."
If you are resident in the UK, a PDF version of the full statement can be downloaded here