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Coronavirus: Costa Coffee And Premier Inn Owner Aims To Raise £1bn To Battle Crisis

From: msn.com

Whitbread (WTB.L), owner of huge UK brands such as Premier Inn and Costa Coffee, hopes to raise £1bn ($1.2bn) to help it battle the impact of the coronavirus pandemic.

It aims to raise the funds through a rights issue — giving the option to existing shareholders to purchase additional new shares in the company. The proposal is that Whitbread will offer one new share for every two existing shares.

Whitbread said in a statement that “the purpose of the rights issue is to ensure that Whitbread emerges from the COVID-19 pandemic in the strongest possible position to take advantage of its long-term structural growth opportunities and win market share in both the United Kingdom and Germany.”
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