Manchester advisers lead on La Tasca’s £25m sale

MANCHESTER-based teams at professional firms BDO and Gateley have acted on the sale of Spanish restaurant chain La Tasca to restaurant operator Casual Dining Group for more than £25m.
The corporate finance team at BDO has acted as lead adviser on the sale, along with the Real Estate team in the Manchester Office of law firm Gateley.
The restaurant group has bought La Tasca from failed Icelandic bank Kaupthing, which two years ago was forced to cede control in a debt-for-equity swap when La Tasca went into a company voluntary arrangement.
La Tasca, is a 40 strong chain of Spanish mid-market tapas restaurants across the UK,with five restaurants in the US.
The sale will see La Tasca added to CDG’s portfolio, which includes the Bella Italia, Cafe Rouge and Las Iguanas chains.
The deal increases CDG’s UK wide footprint to 280 restaurants and comes as it sets about delivering its organic growth plan which will see 52 major refurbishments completed on its existing estate within the next six months and 30 new restaurants open within the next twelve months.
Kieran Lawton, M&A director in Manchester, led the team at BDO. He said: “This deal highlights the fact there remains significant appetite in the market for branded restaurant concepts.
“With the likes of Yo! Sushi, Gaucho, Bill’s, Ed’s Easy Diner, Loungers and others all rumoured to be either in or contemplating a sale process, I expect M&A activity in the sector to continue to be strong in the near future.”
The BDO team for the deal also included head of M&A Peter Hemington, Michael Clarke and Tom Barnard. Rod Waldie led the team at Gateley.

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