THE COFFEE seller behind Esquires has made its London market debut, but only raised a third of intended cash.

New-Zealand-based owner of the Esquires and Triple Two coffee brands Cooks Coffee completed its IPO on the Aquis Stock Exchange yesterday.

However, Cooks Coffee only raised one third of its intended fundraising, floating with £500,000 of new cash.

It had hoped to raise £1.5m in a placing and rights issue.

The brand, which has 111 outlets and is the fourth-largest coffee chain in the UK, said it was delighted with the dual listing.

It was on track to open a net 18 sites this financial year in the UK and Ireland, Keith Jackson, executive chairman of Cooks Coffee said.

New stores will offer "an alcohol offering... where appropriate" to help it establish a "unique market position", he added.

(c) 2022 City A.M., source Newspaper