3Sixty Restaurants gears up for a sale

Mon, 15 Apr 2013 | BUSINESS SALE

Luke Johnson is readying to put 3Sixty Restaurants on the market, less than a month after the sale of restaurant chain Giraffe to Tesco, the Sunday Times reported. It is anticipated that a deal may value 3Sixty at over £8 million.

Advisers have been brought in to assess the sale options for 3Sixty Restaurants after it received an unsolicited takeover approach. Luke Johnson is its chairman and a significant investor in the business, which owns the Rocket and Ego chains.

Rocket serves pizza and cocktails from its outlets in central London and another in Nottingham. Rocket serves pizza and cocktails from its outlets in central London and another in Nottingham. The opening of its Nottingham eatery was announced in November 2011, along with an additional central London site due to open in March 2012. Ego specialises in Mediterranean foods and is operated from eight restaurants in the Midlands and the North West.

In total, sales nearing £13 million are generated from the restaurants.

3Sixty Restaurants was bought out by Luke Johnson and chief executive James Horler from its previous backer LDC, the private equity part of Lloyds Bank, in 2010.

Serial restaurant entrepreneur, Luke Johnson, who had invested in Giraffe, has recently exited from his role as its chairman. He has said Tesco could grow Giraffe in to a 200-strong chain within five years.

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