Barbeques Galore To Float Next Month
Sydney Morning Herald
Monday March 16, 1987
Mr Sam Linz's barbeque specialist retailer, Barbeques Galore, is to join the stock exchange boards next month as The Galore Group Ltd.
Formed 10 years ago to sell barbeques from a garage in Auburn, the Galore Group will raise $18 million from institutional investors by placing 30 million shares at 60c each, representing 38 per cent of the company's total issued capital.
The float is underwritten by Potts West Trumbull. The funds are to be used to expand the group's operations in the UK and US on top of its existing Australian operations where it has a total of 10 stores, eight franchisees and 53 licensed stores.
The Galore Group Ltd recently concluded a joint venture with Grand Metropolitan Hotels, one of the largest conglomerates in the UK and it intends to develop a retail chain of Barbeques Galore stores similar to the operation in Australia across the UK. The first is due to open in London in April.
It has three stores in Los Angeles with two more stores planned for California.
© 1987 Sydney Morning Herald
