Tapas chain prepares £54m float plan

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The Independent Online

La Tasca, the chain of Spanish tapas bars, has announced plans to float on AIM. The 45-strong chain has raised £19m from institutional investors and will be valued at £54m when it lists.

Its management team, headed by James Horler, formerly of the Frankie & Benny's chain, will make about £3m from selling shares but will keep a 6.3 per cent stake.

La Tasca's venture capital backer, Penta Capital, will make about £14.5m. It funded a management buy-in in 2001 and will retain a 23 per cent stake. Mr Horler plans to open 10 outlets a year and to own 150 restaurants.

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