The Restaurant Group, owner of Garfunkel’s, Est Est Est and Frankie & Benny’s restaurant chains, has bought a 40% stake in bar and restaurant company Living Ventures for £7.7m.
At the same time, Living Ventures has bought the 19-strong Est Est Est restaurant estate from the company for £16.4m, paying £6m in three months time with the balance due in 2008.
Under the terms of the agreement, The Restaurant Group has the option to buy the remaining 60% stake in Living Ventures in 2008.
Living Ventures comprises 15 properties, 11 of which trade as The Living Room, two as Prohibition and two as Bar & Grill.
Andrew Page, group managing director of The Restaurant Group, said: “This is a great fit for both companies. Living Room is one of the most successful new restaurant and bar concepts of recent years. We believe that its customer base is complementary to that of Est Est Est.”
Living Ventures chief executive Tim Bacon added: “The addition of Est Est Est is a transformational deal for Living Ventures providing great opportunity for the company to expand its product range and become even more food-led.
“We believe that we can redefine Est Est Est as an aspirational, high-quality brand. We will be focused on delivering performance and on expanding an already successful business.”
References: EGi News 31/03/05
