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French brasserie chain Côte closer to sale

11 March 2013 by
French brasserie chain Côte closer to sale

Côte, the French brasserie chain backed by Richard Caring, is getting closer to a sale, it has been reported.

Private equity firms will this week submit second-round bids to acquire the 39-strong business for at least £120m, according to the Independent.

TA Associates and Investcorp are among the four bidders believed to be trying to buy Côte, which came on the market last year after appointing corporate finance firm Hawkpoint to review the business's options after receiving several unsolicited approaches.

Hawkpoint is selling Côte on a multiple of more than nine times underlying earnings of £13m to £14m for this year.

Côte was founded by Andy Bassadone and Chris Benians, the former management team of Strada, in 2007. It has 39 restaurants, with a 40th set to open in Barbican later this month.

Richard Caring considering sale of Côte restaurant chain >>

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