Mon, 25 Nov 2013 | BUSINESS SALE
Prestigious catering company Searcys has been placed on the market for £20-£30 million due to the ill health of its owner.
Harish Patel, Indian businessman and the main owner, has brought in advisors from BDO to sell all or part of the business.
The business was taken into ownership by the management for £8 million three years ago, and was subject to ‘significant’ investments to upgrade its 19 sites.
Searcys, which today operates upmarket venues such as the restaurant at the top of the Gherkin tower in central London, the champagne bars at the One New Change shopping centre and at St Pancras station, was set up by the Duke of Northumberland’s pastry chef in 1847 to cater for large, private houses in London and the Home Countries that did not have their own full-time domestic staff.
Having been awarded a royal warrant, it became the contract caterer for royalty and several large homes in London.
Searcys’ parent company HP Investco recorded sales of £43 million, with pre-tax profits falling to £418,687 for the year ending 30 June 2012, down from £725,915 on the previous year.
Last week the company announced the launch of the Balcony & Brasserie in Birmingham’s Selfridges building.
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