Gondola Holdings is in talks to sell its Byron hamburger chain for around £100m.
According to the Sunday Telegraph, private equity house Cinven, which controls the group, is speaking to investment banks including Bank of America Merrill Lynch and Barclays.
Gondola is in the process of renegotiating the terms of its £520m debt to mid 2015, allowing Cinven additional time to offload the rest of the business, which includes Pizza Express and Zizzi.
Byron made a profit of £1.09m on sales of £17.5m in the year to June 2011. The Sunday Telegraph reported that the 27 strong chain could be valued at £100m, based on predicted profits of £7-8m in 2012.
By James Stagg
E-mail your comments to James Stagg here.
If you have something to say on this story or anything else join the debate at Table Talk – Caterer’s new networking forum. Go to www.thecaterer.com/tabletalk
Looking for a new job? Find your next job here with TheCaterer.com jobs
Blogs on TheCaterer.com
Catch up with more news and gossip on all Caterer’s blogs
For the latest hospitality news, sign up for our E-newsletters