Thu, 13 May 2010 | BUSINESS SALE
The company behind the Chez Gérard chain of restaurants is expected to be put up for sale, as rumors mount that its chief executive and chairman are about to resign.
Executive Chairman of Paramount Restaurants, Sir David Michaels, and chief executive, Mark Phillips, are apparently planning to resign over a difference in strategy to the controlling banks, the Times is reporting.
Michaels took up his position less than six months ago.
The sale would mark the latest upset for Paramount, which was forced into a financial restructuring in July last year that ended the involvement of Silverfleet Capital, the private equity firm that had backed the 2006 £107 million buyout.
A debt-for-equity swap erased around £55 million of Paramount’s £120 million debt, with Royal Bank of Scotland, HSBC, Barclays and Bain Capital’s Sankaty credit unit each holding stakes.
A plan to sell off some of the other restaurants in Paramount's portfolio – including Bertorelli, Livebait and Caffè Uno – and focus resources on about ten Chez Gérard and 30 Brasserie Gérard outlets, was not enough for the banks.
They wanted a more drastic sale, leaving the group with as few as 20 of the larger restaurants.
The impending departures could attract substantial interest from buyers attracted by the chance to rejuvenate the brand. Tragus Group, the Café Rouge and Strada operator, has been mooted as a possible bidder.
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
11
|
Jul
|
CubeMatch acquires professional services firm DVCP | BUSINESS SALE
Global change and transformation consultancy CubeMatch has c...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.