Upper Crust owner prices London listing at low end of range

Thursday 10 July 2014 09.10
SSP owns the Upper Crust and Caffe Ritazza brands in the UK
SSP owns the Upper Crust and Caffe Ritazza brands in the UK

UK takeaway food and coffee company SSP Group has set the offer price for its listing of shares on the London Stock Exchange at 210 pence each, the company said today. 

This was at the low end of the anticipated price range.

SSP, which owns the Upper Crust and Caffe Ritazza brands, said it will raise £482m in a flotation that will give the company a stock market value of £997m. Conditional dealings in the shares begin today. 

The group's advisors had narrowed the price range to between 210-230 pence, from between 200-240 pence set at the start of the flotation. 

SSP chief executive Kate Swann, a former chief executive of WH Smith, said the listing had attracted support from a broad range of investors. 

"It is a strong endorsement of SSP's strategy, and of the potential for future growth that we see for our business," she said in a statement. 

EQT, a Swedish private equity firm, bought SSP from Compass Group in 2006 for around £1.2 billion. 

The company is looking to grow its presence within airport and railway stations, with a particular focus on the US, the Middle East and China.