Richoux Group raises £2m to fund expansion
Casual dining firm Richoux Group has raised £2m before expenses through a share placing, and has installed Robert Rayne as a non-executive director.
The AIM-listed company, which owns the Richoux, Zippers and Frankie's Easy Diner brands, placed 25,000,000 new ordinary shares at 8p each.
Richoux Group also indicated that it was planning to change the name of Frankie's Easy Diner, to be announced shortly.
The capital raised from the placing is expected to be used to help expand the number of Zippers and renamed Frankie's Easy Diner outlets "in order to assess the viability of these concepts". The firm said it had already identified a number of sites it wished to acquire.
Rayne has been on the boards of a number of public companies both in the USA and the UK, including First Leisure Corporation and Crown Sports. He is currently non-executive chairman of Derwent London, a specialist property company, and is also director of private equity firm LMS Capital, which is a shareholder in Richoux Group.
Richoux Group to develop Zippers and Frankie's Easy Diner concepts >>
By Neil Gerrard
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