Compass successful in £2b equity raise

Catering giant Compass has been successful in its £2b share placing, having yesterday announced the move to allow it to "weather" the profound impact of the coronavirus crisis.

The placing, subscription and retail offer in aggregate comprised 195,667,352 new ordinary shares, which will raise gross proceeds of approximately £2b.

Dominic Blakemore, group chief executive, said yesterday it would help the business to "weather the crisis while continuing to invest in the business to enhance our competitive advantages, support our long-term growth prospects and further consolidate our position as the industry leader in food services".

The company also withdrew its previous growth and margin outlooks for 2020.

Compass launches £2b equity raise to weather coronavirus crisis >>