Mon, 21 May 2012 | DIVISION SALE
The owner of the Quaglino’s restaurant D&D has placed 30 of its restaurants on the market to generate cash for expansion in London.
D&D, the restaurant group formerly known as Conran Restaurants, owns upmarket London eateries such as Le Pont de la Tour, Coq d’Argent, Quaglino’s, and restaurants in New York, Copenhagen, Paris and Tokyo. The 30-restaurant portfolio is expected to sell for around £70 million, the Financial Times reported.
It is thought that due to the upcoming opening of D&D’s first hotel – an 80-room property situated in the City – and two restaurants in Bishopsgate and Leeds this year, the deal could actually be worth up to £100 million.
D&D is being advised on the sale by Rothschild. Consent to the sale process would have to be given by Conran Holdings, which holds 51 per cent of the group, private equity vehicle Caird Capital and by management.
Conran Restaurants was founded in 1991 and led by chairman Sir Terence Conran and CEO Des Gunewardena. Since its buy-out in 2006, the business, renamed D&D, opened a further eight eateries including Botanica and Iconic in Tokyo.
It is believed that the management expect to be kept on at the business post-sale and plan to double its restaurants in London and to open new restaurants in India, Malaysia, Thailand, China and the Middle East.
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FREEHOLD
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