Bank group offers £4m for Zinc chain

24 November 2005
Bank group offers £4m for Zinc chain

Bank Restaurants Group is on the hunt for another chain after tabling an offer worth £4m for Conran's Zinc Bar & Grill last week.

Chairman Robert Breare said the Zinc deal would be a significant step towards the company's stated aim to grow the business, which stood at just three units before the current deal.

"Our next move will be to buy a substantial corporate business, probably not the same style as our current restaurants, but in the top end of the market," he said.

Breare said that any further acquisitions would be funded through extra borrowing.

Bank has offered £1.5m for five Zincs, which include properties in London's Heddon Street and Jerdan Place, Fulham, as well as Zincs in Manchester, Birmingham and Glasgow (which incorporates the modern-French restaurant, Etain).

The deal, which includes £2.5m of Zinc borrowing, does not include the Edinburgh restaurant, which remains with Conran.

Bank's shareholders will be asked to approve the deal on 12 December at an extraordinary general meeting at Bank Aldwych.

The purchase boosts Bank's estate to eight, and Breare said he would look to roll out Zinc to other city locations, adding as many as 12, as well as more Bank restaurants.

Conran Restaurants has entered into an agreement to provide support services to the enlarged group. It will retain a 40%-plus stake in Bank following the deal.

By Chris Druce

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