Restaurant group in potential £100m takeover
Restaurant group D&D, which was founded by the late Sir Terence Conran is believed to be changing hands, with Montecito Equity Partners reportedly close to buying the owner of Leeds venues, Angelica, Crafthouse, East 59th and Issho.
Sources have reportedly told Sky News that the “talks were several weeks from being concluded” and that the business which runs 40 restaurants across the UK including in 20 Stories in Manchester, but with its main contingent in London, would have an enterprise value of £100m.
Despite many of its sites being closed over the last 18 months as a result of lockdown restrictions, it’s understood that the group will open a new site in Birmingham in spring 2022. However there is little information about the group’s current financial performance with accounts for the period to 30 September expected to be filed last week.
The business is currently owned by LDC, who took control in 2013, with sources suggesting that the private equity arm of Lloyds Banking Group could retain a small stake in the business, depending on the structure of the deal.
Interpath Advisory is advising on the sale of D&D.