Clapham House buys Indian restaurant group

Clapham House, the investment vehicle of former PizzaExpress boss David Page, has bought south London restaurant chain The Bombay Bicycle Club for up to £2.42m.

The Bombay Bicycle Club operates one flagship restaurant in Clapham and five delivery outlets in Fulham, Wimbledon, Tooting, Putney and Battersea.

Clapham House will pay an initial £1.85m. A further maximum of £575,000 is payable 12 months from completion of the deal.

The company said it would use the acquisition as a "base on which to build, by acquisition and organic growth, a group of Indian restaurants and delivery units focused on first-rate food and service."

It believes the formula can be replicated throughout the UK, with London alone having the capacity for up to 40 restaurants and delivery locations.

The Bombay Bicycle Club turned over £2.6m in 2002-03 and made a profit of £344,000.

The acquisition follows Clapham House's purchase in December 2003 of the Real Greek restaurant group.

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