Patisserie Holdings: intends to float on AIM market

Birmingham / UK. (rcp) Patisserie Holdings Limited, which operates a leading UK branded café and casual dining group offering premium cakes, pastries, snacks, meals and hot and cold drinks across five differentiated brands, announces that it intends to proceed with an initial public offering and to apply for the admission to trading on AIM of the issued and to be issued ordinary shares in the capital of a newly established holding company of the Group. Key highlights:

  • Experienced management team with proven sector track record
  • Favourably positioned across both the coffee shop and branded casual dining markets, together forecast to be worth circa six billion GBP and forecast to grow at over eight percent per annum
  • All day trading format and affordable proposition with average café spend per head of 8,84 GBP (excluding Philpotts)
  • Broad customer appeal, supported by portfolio of five differentiated brands
  • Today operates from 138 stores and the Flour Power City Bakery; proven across a wide range of different formats and geographical regions
  • Vertically integrated business model, with almost all products made in-house
  • 99 percent of stores open for more than twelve months profitable on a store contribution basis and average payback on new store openings less than 24 months
  • Over 250 potential further new sites identified in the UK by independent research
  • Reported Ebitda for 52 weeks ended 30 September 2013 of 12,0 million GBP (up 25,1 percent over prior year)
  • Roll-out programme expected to be financed from internally generated cash flow
  • Maiden dividend expected to be paid in respect of the financial year ending 30 September 2015

The Group is a leading UK branded café and casual dining group offering cakes, pastries, snacks, meals and hot and cold drinks from 138 stores and the Flour Power City Bakery in the UK. It operates under the following five differentiated brands across England and Scotland: Patisserie Valerie; Druckers Vienna Patisserie; Philpotts; Baker + Spice; and Flour Power City Bakery.

The Group is favourably positioned across both the UK coffee shop and casual dining markets, which together are forecast to be worth in excess of £6 billion per annum and are forecast to grow at eight percent per annum. The Group´s product mix and average café spend per head (8,84 GBP) appeal to a wide range of dining occasions and deliver strong trading throughout the day, week, month and year.

The Company operates a vertically integrated business model, with almost all products made in-house at seven bakeries and delivered fresh daily. Products are primarily sold through stores and also a growing online channel.

The Group´s executive management team, led by Luke Johnson, Paul May and Chris Marsh, has overseen a period of growth from eight stores in 2006 to over 130 as at the date of this announcement, delivering seven years of uninterrupted increases in revenue and Ebitda. The Group has a proven track record of successfully opening an average of 15 new stores per annum over the three financial years ended 30 September 2013, delivering an average 23 month payback period, and of acquiring and integrating new brands, with Philpotts being the most recent.

bakenet:eu
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