Patisserie Holdings, owner of the Patisserie Valerie and Philpotts brands, has said that it is hoping to raise £33 million on its flotation, valuing the business at £150 million.

The group, which recorded a 21% rise in sales in its latest annual results, said that it was considering opening up to 250 new outlets across the UK.

Luke Johnson, executive chairman, said: “Patisserie Holdings has a leading position in an attractive market, built around five differentiated brands. The management team has an excellent track record in the sector and has grown the business from eight stores in 2006 to more than 130 stores today, delivering seven years of uninterrupted increases in revenue and EBITDA.”