02 Sep 2010 Leisure Property: Properties, developments, tenders and investment
 
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30 Jul 2010

Clapham House receives takeover offer
BY Tom Walker



AIM-listed Restaurant operator Clapham House Group (CHG) has confirmed that it has received an offer for the company.

It is believed that the suitor is Capricorn Ventures, which already holds 27 per cent of CHG's shares.

Capricorn, an investment vehicle for the Enthoven family, already owns the Nando's chain of Portuguese-style restaurants.

In a short statement, CHG said: "The Board of Clapham House notes the recent movement in the Company's share price and confirms that it has received an approach which may or may not lead to an offer being made for the Company.

"There can be no certainty that an offer will be made for the Company or the terms on which such an offer may be made."

CHG owns and operates the Real Greek and Gourmet Burger Kitchen brands and currently operates 58 restaurants in the UK, as well as 15 international outlets.

In May, The group announced plans to raise around £2.2m through a new share placing to grow its Gourmet Burger Kitchen (GBK) business.

Peter Backman of foodservice consultancy Horizons, said the news is the latest evidence that the industry is facing a period of consolidation as recessionary pressures are gradually easing.

He added: "This week Carlson, the US hospitality group, has bought out its private equity partner in TGI Friday's UK and we have already seen Tragus expressing interest in Chez Gerard operator Paramount, the owners of La Tasca launching a formal auction process for the Spanish tapas chain and Ego, the northwest chain of Mediterranean restaurants, looking for a purchaser.

"These takeover attempts focussing on strong brands, yet brands that are not yet mature in terms of geographic saturation, become more likely as the eating out market begins to improve. Bidders are keen to strike before prices recover fully while banks are beginning to finance the right deals again."


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