Conviviality Retail said the chain’s major shareholder, venture capitalists ECI Partners, would sell its share as chief executive Diana Hunter oversaw a significant expansion strategy and buoyed by £372 million sales last year.
Hunter also intends to implement a share scheme among franchisees which will give them “equal status to other stakeholders.
The funds raised by its float will be used to pay off existing debts, enabling the firm to operate debt-free.
Hunter said: “I see a great opportunity to grow this business through uniting and aligning the franchisees with the company, a most powerful force in generating optimal performance.
"This together with development of our offer and expanding our footprint into unrepresented areas will drive the company’s growth. The innovative share incentive scheme for franchisees and the appropriate capital structure will provide a firm foundation for the company’s plans.”