Patisserie Holdings has plans to raise £33 million upon joining the Alternative Investment Market (AIM) in London.

The business operates under five brands in England and Scotland including Patisserie Valerie, Druckers – Vienna Patisserie, Philpotts, Baker & Spice and Flour Power City Bakery.

As a combined series of holdings, the business has 138 stores, with 99 per cent of its sites open for more than 12 months profitable on a store contribution basis.

The business is led by serial entrepreneur and investor Luke Johnson, who has previously set up or run other consumer dining brands such as Strada and Pizza Express, as well as Paul May and Chris Marsh.

Johnson comments, ‘Patisserie Holdings has a leading position in an attractive market, built around five differentiated brands. The management team has an excellent track record in the sector and has grown the business from eight stores in 2006 to more than 130 stores today, delivering seven years of uninterrupted increases in revenue and EBITDA.’

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The maiden Patisserie Valerie site was opened in 1926 on Frith Street in London before being destroyed during the Second World War. In latter years, the growing business was acquired by its management team in 2006, after which it underwent a rollout programme.

The acquisitions that saw the other four brands added to the larger business were closed in 2007 (Druckers), 2009 (Baker & Spice), 2013 (Flour Power City Bakery) and 2014 (Philpotts).

In joining AIM, Patisserie Holdings is seeking to raise £33 million through placing. The funds will then be used to repay all existing outstanding senior debt and shareholder loans.

May, chief executive of Patisserie Holdings, adds, ‘We have built a strong business around a portfolio of appealing brands supported by our own bakeries and logistics.

‘With this favourable positioning across fragmented markets, we believe we are well-placed to continue to deliver strong organic growth, with additional opportunities for potentially attractive acquisitions of other, smaller branded groups.’