Nando’s quashes IPO and London listing rumours
Sizzling rumours around spicy chicken eatery Nando’s mulling a listing on the London Stock Exchange have been quelled. On Tuesday Nando’s dismissed reports from the UK that the company had initiated steps to make an initial public offer (IPO) and also refuted suggestions it was considering a capital raising. According to a report from Bloomberg on Monday, quoting anonymous sources, Nando’s was speaking to advisers and was in the initial phases of planning a share sale. The report suggested the company – which was worth just less than R140m when it delisted from the JSE in 2003 — was weighing a London listing "among other potential venues". Since leaving the JSE, Nando’s has grown into a global niche eatery brand with revenues of £809m from 946 stores as at the end of February 2016. The year to end February income statement, though, shows operating profit up only slightly at £70m with net profit down by more than half to £21.3m. The main source of profit erosion was a markedly higher...
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