Cooks Coffee Company is planning to raise funds for the expansion of its Esquires business in the Middle East and Europe, following the chain’s success in the UK and Ireland.

The company will undertake a placement to selected investors and a share purchase plan to its existing shareholders in New Zealand.

The placement, offered to investors who have been identified by the company, is targeting to raise up to $1.7 million through the issue of more than 8.5 million new shares. 

Aside from fueling the expansion strategy, the capital will also be used to improve the firm’s digital programs, drive growth plans through acquisitions, and repay some expensive second-tier debt. 

The share purchase plan, open to existing shareholders recorded in Cooks’ share register as having a New Zealand address, will result in more than 5.6 million new shares, offered at 20 cents each.

Esquires was founded in 1993 in Vancouver and Cooks Coffee acquired the global rights, focusing on operations in the UK and Ireland, in 2013.