Carluccio's to go public

Months of rumour and speculation were put to rest today as Italian café chain Carluccio's finally announced its intention to float.

The chain of 23 café-cum-delis is expected to seek admission to the Alternative Investment Market around the middle of next month.

Founders Antonio and Priscilla Carluccio will not remain on the company board at flotation.

They will stay on as part-time consultants to the business, however.

Antonio's role will be to represent the company to customers and the consumer media as well as the development of food products and new menu items.

Priscilla is expected to continue to advise on the development of Carluccio's branded food products and the design of new outlets.

Carluccio's also announced the opening of two new outlets, in Reading, Berkshire, and in Westbourne Grove, London.

The first Carluccio's and food shop opened in 1999. Managing director Simon Kossoff said the company planned to continue its roll-out across the UK.

All the company's new store openings over the past three years have been financed through internally generated cash-flow.