London Stock Exchange welcomes Conviviality Retail PLC to AIM
Conviviality Retail PLC is delighted to be joining AIM today.
Conviviality Retail is the UK’s largest franchised off-licence led convenience chain of 611 stores owned by 461 Franchisees (as at 30 June 2013) who employ local people and serve their local communities. The Group is a buying, marketing and logistics business offering, which works together with its Franchisees to deliver a full support package and to build their businesses. Conviviality’s Franchisees currently operate under six fascias which include Bargain Booze and Bargain Booze Select Convenience, all of which are destination neighbourhood businesses offering great value to their customers.
Conviviality Retail has raised £64 million before expenses, issuing 64,038,720 new ordinary shares at 100 pence per share. Following the Placing, the Company has 66,700,000 ordinary shares of in issue, giving a market capitalisation at the Placing price of £66.7 million. The proceeds of the placing will be used to eliminate debt, buy out ECI Partners and other shareholders and provide working capital to expand the business.