The company that owns a number of niche bars and restaurants in Gloucestershire is expected to raise gross proceeds of £83.3 million when it floats on the London Stock Exchange.

Loungers, the owners of Gloucester's Portivo Lounge, the Cosy Club in Cheltenham and Lounge-monikered bars in Stroud, Tewkesbury and Cirencester float on the AIM on Monday.

The company founded by two Bristol entrepreneurs in 2002 run 146 all-day bars and cafes across England and Wales.

They want to use the listing to generate funds to re-invest in further outlets and have aims to expand to 500 sites using the Lounge or Cosy Club brands.

The shares will start trading at 200p each, valuing the company at £185 million.

The selling shareholders, which include founders Alex Reilley and Jake Bishop are expected to pocket £4.4 million each from the move.

Around 45 per cent of the shares in Loungers will be available when trading starts on Monday, April 29.

The Portivo Lounge is on a prime spot in Gloucester Quays while Cosy Club in Cheltenham occupies a first floor site in the Brewery Quarter.

They also have the Rosado Lounge in Tewkesbury, Toro Lounge in Cirencester and Curio Lounge in Stroud.