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Travers Smith advises on £185m IPO of Loungers plc

Overview

Travers Smith LLP has advised Liberum Capital Limited and Peel Hunt LLP as joint bookrunners, and GCA Altium Limited as financial adviser and nominated adviser, to Loungers plc on its AIM IPO.

Loungers, the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, has announced a conditional placing to raise gross proceeds of approximately £83.3 million, comprising £61.6 million for the Company and £21.7 million for selling shareholders.

Admission and the commencement of dealings is expected to take place on 29 April 2019. The market capitalisation and enterprise value of the company on Admission will be £185 million and £212.5 million respectively (based on anticipated net debt post-Admission).

Corporate partner Richard Spedding led the Travers Smith team, assisted by Corporate Senior Associate Tom Coulter and Corporate Associate Peggy Morrison.