Winglaw, Joey Esfandi’s private property group, is taking a 7% stake in BS Group, the restaurant and property company, now to be renamed Bristol Scotts. Winglaw is acquiring 350 stock units comprising 268,041 voting and 364,213 non-voting shares at £1 per share. The shares were previously held by Scotts Restaurant prior to its takeover by BS Group last November.
The BS Group bid aroused controversy at the time — BS chairman Isodore Kerman had a substantial interest in Scotts, and a major shareholder challenged Baker Lorenz’s £6.4m valuation of the Scotts properties which underpinned the offer price.
Opinions from two rival firms of valuers came up with sharply differing figures, but, in the end, shareholders approved the bid.
