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Caffe Nero to float
Caffe Nero is floating on the London Stock Exchange following a placing of shares by Collins Stewart. The flotation has raised £9m in new money to fund further expansion of the group and puts a market capitalisation on Caffe Nero of £33.7m. Founded in 1997, it is the UK's fourth largest branded coffee bar operator with a current total of 58 units across the UK and new units being opened at the rate of 3-4 per month. The company says proceeds from the placing will be used to accelerate the rate of opening with an initial target of 100 sites trading by May 2002. Chair and chief executive, Gerry Ford, is confident that in the last four years the company has established a distinctive Italian brand: With rapid growth in the UK branded coffee bar market, now is the time to capitalise on our success to date and use the proceeds of our flotation to accelerate our expansion plans.
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