Chez Gérard owner goes private

Restaurant group Paramount is being taken private following a successful £28.9m bid by its executive chairman Guy Naggar and his business partner Peter Klimt.

The stock was bought by Craftbutton, the pair's investment company, which currently holds 25% of the group's shares.

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Once the deal has been finalised, fund management company North Atlantic Value will hold 50% of the Craftbutton shares and Naggar and Klimt's Starlight, Totalassist and ForwardIssue companies will hold the other half. A takeover deal was first tabled by Naggar in June 2004 and investors have spent the intervening period lining up investment. Chief executive Nick Basing said it would be "business as usual" once the company was taken private. "We are in a strong position and potentially poised to grow further but the rate of expansion will not necessarily pick up," he said. There will be no change to the company's management structure as a result of the buyout. by Tom Bill Buy this week's *Caterer* magazine for more industry news and analysis