Patisserie Holdings, owner of Patisserie Valerie, has raised a combined total of £15m after the directors sold 4.8 million shares.

Restaurant entrepreneur, Luke Johnson, sold over 4 million shares, leaving him with a 38.6% stake in the company.

This comes after it was announced this week that he had invested £1.5m in Eclectic Bar Group and taken over as executive chairman.

The shares in Patisserie Holdings were sold to ‘satisfy specific market demand for shares in the company’.

Paul May, chief executive of Patisserie Valerie also sold 506,000 shares.  

Luke Johnson has reportedly said that he plans to open another 150 coffee and cake shops across the country over the next five years.