Hotel operator and leisure developer Arcadian International has announced a one for three rights issue at 45p to raise £14.9m for its development programme.
Arcadian plans to invest the funds in its £3m Malmaison hotel concept, a bar and brasserie chain with branches in Glasgow and Edinburgh.
The funds will be put towards the Great Eastern Hotel development in central London, acquiring the Rookery Hall hotel near Crewe and hotel and leisure development in the UK and Europe.
Chief executive Robert Breare said the proposals were a significant landmark in Arcadian’s development. “They will improve the balance and profile of Arcadian’s operations.”
EGi News 28/10/96
