Response to press speculation

The Company notes the recent press speculation and confirms that it is in advanced stages of conducting a potential fundraising of up to £12m at 25p, and a potential debt for equity conversion; with any potential transaction subject to, amongst other matters, shareholder approval. Accordingly there can be no guarantee that any transaction will proceed.

The Group is well positioned to capitalise on the opportunities that have been presented post Covid, particularly changes in consumer behaviour, and also, both the availability and the commercials of sites. Building upon the success of Coppa Club and Noci, any monies raised from the transaction (less fees) would be used to accelerate growth across the Group with the further rollout of both brands.

Further updates will be provided in due course.

The Group operates three core brands across 18 locations:

• Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and workspaces