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Buyers line up for Tootsies

26 January 2006

Struggling Urban Dining, which announced in November it was abandoning its strategy of consolidation, has received several approaches for the business.

The Tootsies restaurant owner, which appointed BDO Stoy Hayward to carry out a review at the time of the announcement last year, said indicative offers to purchase the company had been made by a number of parties.

"A small number of these interested parties will be invited to participate in more detailed discussions," the company said in a statement today.

Urban Dining said the discussions may or may not result in an offer being made

The company's shopping centre restaurants performed well in the five week period to 1 January 2006, with like-for-like sales up 7.2% year-on-year.

However, weak trading and a 6.5% like-for-like sales drop at older Tootsies meant group like-for-like sales performance remained broadly inline with last year's.

Urban Dining added that trading at its six new restaurants opened since September 2005 had been encouraging.

Urban Dining set to sell >>

Urban Dining considers selling up >>

By Chris Druce

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