Carluccio's caffés to float at £53.6m

Carluccio's, the chain of Italian café-cum-delis, has announced it will float on the Alternative Investment Market at 94.5p per share next Wednesday, valuing the company at £53.6m.

Founders Antonio and Priscilla Carluccio are set to make just under £10m from the sale, while managing director Simon Kossoff is expected to cash in half his shareholding to make £2m.

On admission, 49% of the company's issued share capital will be held by institutional investors and 21.7% by the chain's directors. The company is selling 56.7 million shares worth £26.5m.

Carluccio's executive chairman Stephen Gee, said: "I am delighted that so many of our original shareholders have decided to retain a shareholding and that institutions have demonstrated such a high level of enthusiasm for Carluccio's."

The first Carluccio's caffé and food shop opened in 1999. Shop numbers have doubled and turnover almost trebled since 2002.

by Jessica Gunn