Business Financial Newswire – Investment company Brainspark is taking a 299% stake in Indian Restaurants Group.
Brainspark is subscribing for 5,578,994 new ordinary shares for £139,474.85 – 2.5p per share.
IRG currently operates three Indian restaurants in the UK and recently opened a restaurant branded in Mela which is situated in Redhill, Surrey.
IRG will use the funds for working capital purposes.
Haresh Kanabar is director of both IRG and Brainspark but does not hold any shares in either. For the year to 30 September 2009 IRG generated revenues of £2.47m, with a loss before tax of £0.68m.
Source: BFN News