Patisserie Valerie owner hopes to raise £33m in London float


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The Independent Online

Serial entrepreneur Luke Johnson, the owner of Patisserie Valerie, is returning to the stock market with the planned £170 million flotation of the cafe chain on London's AIM junior exchange.

The business, which owns 89 Patisserie Valerie outlets, 22 Druckers Viennese cake shops, 23 Philpotts sandwiches and salads shops and four upmarket Baker & Spice stores is aiming for flotation in the middle of May.

Johnson was behind the success of PizzaExpress, Strada and Giraffe, and bought 70 per cent of Patisserie Valerie in 2006 and has spent £15 million or so adding brands.

He is the largest of the shareholders selling shares worth up to £55 million in the placing with a further £33 million  of new capital being raised to pay down debt.

Patisserie Holdings’ profits (before interest, tax and depreciation and amortisation) rose by 25 oer cent to £7.1 million in the six months to March on revenues up 26 per cent at £35.7 million.

The flotation is being handled by Canaccord Genuity with share dealings expected to start on May 19.