Flotation to raise £6m for Warwickshire group
FILTA GROUP will be valued at more than £22m when it floats on the Alternative Investment Market this week.
The Rugby-based group offers services to commercial kitchen operators in the UK and US, with a mix of direct sale and franchise operations.
Filta, through its FiltaFry franchise network, services over 5,000 commercial kitchens every week. As at 30 June 2016, the Group had 169 Franchise Owners, of which 130 were located in the US and 39 in the UK.
It is raising £6.2m through its flotation, of which £4.3m is new money for the company and £1.9m is consideration for the selling shareholder, Victor Clewes.
After the share issue, chief executive Jason Sayers, non-executive director Roy Sayers and the Meridian Settlement Trust in which they both have a beneficial interest, will hold a total of 49.6% of the group.
It operates in more than 20 countries with the Filta, FiltaFry, FiltaFry Plus, FiltaCool, and FiltaBio brands.
