Searcys for sale with £25m price tag

27 November 2013 by
Searcys for sale with £25m price tag

Upmarket caterer Searcys is on the market, with a price tag of £25m to £30m.

The company, which operates a number of Champagne Bars as well as a private members' club at the top of Gherkin (30 St Mary Axe), was previously the subject of a management buyout.

Chairman Richard Tear, chief executive Doug Tetley and sales director Chris Maddison returned the firm to private ownership in 2010, after three years as part of the Alternative Hotel Group (now known at De Vere Group), with backing from investor Harish Patel.

The company has now hired adviser BDO to find a buyer, reported the Sunday Times.

Sales at the restaurant and bar operator were £46m, while underlying earnings have risen to £2.4m. It is understood that the business could be broken up as part of a deal.

Recent contracts added to Searcys portfolio include the Balcony Bar & Brasserie at Selfridges in Birmingham, and a £12.5m deal with Birmingham Repertory Theatre.

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