Wildwood owner Tasty has announced plans to raise £3.25m through the issuing of shares.
The operator of 57 restaurants under the Wildwood and Dim-T brands has said funds raised will be used to pay down debt and for general working capital purposes.
Two placements would see more than 80 million shares issued to existing and other investors.
Keith Lassman, chairman of Tasty, said “This is an important fundraise for Tasty as it will enable us to continue our strategic plans with vigour. We are delighted with the level of investor support for the placing and we would like to thank our shareholders for their continued support.”
Documents filed with Companies House for the year to 31 December 2017 showed a pre-tax loss of £9.47m from turnover of £50.3m.
Approval for the share issue will be sought at a general meeting on 1 May 2019.