Franchise Brands PLC - Manchester-based owner of ChipsAway, Willow Pumps and Metro Rod brands - Raises GBP92 million via placing at 180 pence announced Monday to fund the acquisition of HAI, the owner of Pirtek Europe. Together with a subscription by senior management and employees of Pirtek including Alex McNutt total equity of GBP114.3 million will be issued. Executive Chairman Stephen Hemsley says: "The acquisition brings an established business of scale with an attractive financial profile and growth prospects and will significantly expand the group's range of B2B services, customer base and end markets."

Current stock price: 182.00 pence

12-month change: up 14%

By Jeremy Cutler, Alliance News reporter

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