Comptoir raises £4m to fund new openings; on track for full year

AIM-listed Comptoir Group has raised around £4m through the placing of just under 26.7m shares at 15p each, which will be used to fund the opening of new restaurants.

The company, which owns the Comptoir Libanais and Yalla Yalla restaurants, said the funds will be used to open two new restaurants before the end of the current financial year and a further two in 2018.

Non-executive chairman Richard Kleiner said: "The company announced within its interim results on 15 September 2017 that it required further funds to meet its financing needs associated with the opening of 2 new sites before the end of the current financial year.

"I am pleased to be able to report that the company has raised the minimum of £2m financing and, in addition, a further £2m to target further openings in 2018."

Kleiner said the group continued to see the stronger trading it experienced in July and August through September, adding that "the board retains its confidence of achieving expectations for the full 2017 financial year".

At 1440 BST, the shares were up 2.9% to 16.97p.