Davis Coffer Lyons (DCL) has been appointed to sell TLLC Group Holdings’ Little Chef roadside restaurant chain.
The 120 restaurants are expected to achieve a value of around £45m to £50m.
According to David Coffer, chairman of DCL, 67% of the portfolio comprises freehold or long leasehold sites.
The move to sell off the restaurants is part of TLLC’s strategy to focus on its Travelodge business.
The company will retain the 115 Little Chef restaurants that adjoin its Travelodge hotels.
TLLC will use proceeds from the sale to accelerate Travelodge’s expansion programme. The group plans to open a new hotel every 10 days over the coming three years.
References: EGi News 01/03/05
