£30m offer made for Loch Fyne
Private equity firm Hutton Collins has offered around £30m for seafood chain Loch Fyne Restaurants (LFR).
The £30m deal, includes Loch Fyne' s cash offer of £21.8m, existing debt and the 30-strong group's shares at £10 each. It has been recommended by LFR's independent directors.
Premium Casual Dining - created for the deal - will be joint-owned by Hutton Collins and LFR's management.
A spokesman for Hutton Collins said: "We signalled our interest in LFR early on in its strategic review and we are delighted to have this opportunity to be involved in the development of a high quality business."
LFR appointed bank Noble in May of this year to advise it how to get the best value for its shareholders, as the Enterprise Investment Fund currently used to back the group matures this year.
The company operates 25 Loch Fyne Restaurants and five Le Petit Blancs. The deal will be voted on by shareholders at an extraordinary general meeting on 7 November.
Hutton Collins won preferred bidder status from LFR back in September, pipping rival Isis Equity.
By Chris Druce
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