Wragges wrap-up fish and chip shop deal for Ramsdens
HARRY Ramsden’s, the iconic fish and chip brand which was founded in a Yorkshire town more than 80 years ago, has been acquired by West Bromwich entrepreneur who plans to open 100 outlets over the next five years.
Boparan Ventures, run by Ranjit Boparan, has bought Harry Ramsden’s from Sweden-based private equity firm EQT Partners for an undisclosed sum.
Wragge & Co Corporate partner Baljit Chohan led the deal, working with the new CEO of Harry Ramsden’s, Marija Simovic, and Boparan Ventures’ head of M&A Sukhbinder Heer and in-house counsel Andrew Cuthbert.
Mr Chohan said: “Our close working relationship with this entrepreneurial and ambitious company ensured we fully understood and met its objectives. We have a strong track record advising clients in the food and drink sector, and acting on high-profile mergers and acquisitions. The deal represents an important acquisition for the company as it strengthens its foothold in the restaurant industry.”
Mr Boparan owns a number of food businesses and last year rescued the Fishworks restaurant chain from administration.
Founded in 1928, there are 36 restaurants and takeaways within the Harry Ramsden’s business including the largest fish and chip shop in the world in Guiseley, West Yorkshire.
Mr Boparan said: “Harry Ramsden’s is a great British institution and we want to put it back on the map by focusing on the fundamental basics of superb service, exceptional value and, most importantly, the very best tasting fish and chips you can buy.
“And, we’re planning to open a further 100 locations within the next 5 years and expect to create around 600 new jobs, taking care to ensure that customers are guaranteed the same consistent quality at every single store.”
Mr Boparan’s total food sector empire employs more than 6,000 people and has combined annual sales approaching £1bn.
Harry Ramsden’s’ growth was fuelled by Yorkshire-based chairman John Barnes in 1988 who led a management team which transformed the business from a single restaurant in Yorkshire to a world famous brand.
The management subsequently floated the company on the London Stock Exchange in 1989 and quickly expanded with restaurants worldwide.
Granada then bought Harry Ramsden’s for £20m in 1999 before its merger with Compass, and Harry Ramsden’s was absorbed into its Moto service station arm.
Following Moto’s acquisition by Macquarie Bank of Australia, Harry Ramsden’s moved into the bank’s SSP division. SSP was then sold to EQT Partners in 2006.
