Tue, 10 May 2011 | BUSINESS SALE
The owners of London's popular Grand Union chain of bars and restaurants could be in line for a £15 million pay out, having been approached by private equity firms seeking to buy them out.
The two former chefs who set up and own the Grand Union Group, Adam Marshall and Adam Saword, have appointed financial advisors from Cavendish Corporate Finance to aid them with the process.
The chain has thrived since it was first set up in 2006 at its original bar on the Grand Union Canal in Camden. It now boasts eleven sites throughout the capital, including branches in Kentish Town, Islington and Brixton. The pair has also started branching out from London, having purchased The Three Locks in Stoke Hammond, Buckinghamshire.
Private equity investment in the firm will help realise the business plan, which includes a greater push into the Home Counties in the next four years, with at least five new restaurant-concept pubs, as well as the establishment of new London branches.
The move to sell will allow it to keep up with a number of the other well-known pub chains in London that are seeking to establish themselves in the bar and restaurant markets. Sources close to the company have estimated its sale value to be between £10 and 15 million.
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