We are pleased to announce that Liberum, along with Peel Hunt, has successfully raised £83m in connection with the AIM IPO of Loungers plc. The shares were admitted to trading today.
Loungers is an operator of 146 café/bar/restaurants across England and Wales under two distinct but complementary brands, Lounge and Cosy Club. The Group is the only growing all-day operator of scale in the UK, with a strong reputation for value for money.
The IPO valued the company at an Enterprise Value of £212.5m and a Market Capitalisation of £185m. The placing of £83.3m at IPO was split £61.6m primary and £21.7m for secondary sellers, Lion Capital LLP and the management and founders.
The primary proceeds will be used to repay the Group's current debt facilities, reduce the overall level of indebtedness and provide the Group with an appropriate capital structure with whichto pursue its growth plans.
Lion Capital LLP retains a 39% stake in the business whilst the management and founders retain a 16% stake.
This is the largest AIM IPO this year and the largest AIM IPO in the leisure and dining space in the last 5 years.
Liberum acted as Joint Bookrunner alongside Peel Hunt. GCA Altium acted as Financial Adviser and Nomad.
Investment Banking – Clayton Bush, John Fishley, Andrew Godber, Louis Davies, Anthony Schia
Research – Anna Barnfather, Andy Wilkinson
Sales – Julian Collett, Oli Baxendale, Seb Fernandez, Lucy Sharma, Lisa Tugwell
General Counsel – Rebecca Gordon
Sales Trading – Mark O’Hara, Nick Worthington
Corporate Access & Investor Relations – Marcio Remedios
Production – Emily Thomson, David Tarbox, Tom Preston
Liberum Wealth – Henry Freeman, Tom Bacon
Settlement – Rob Simpson, Mark Proctor