Individual Restaurant Company to sell Bank Aldwych
Individual Restaurant Company (IRC) has agreed to sell the Bank Aldwych restaurant to the property's landlords for £3.5m.
The move follows notification from the landlords that the site is to be redeveloped, possibly including a new IRC outlet.
The company, which predominantly trades under the Piccolino and Restaurant Bar & Grill formats, said that the book value of the Bank Aldwych site is £1.7m
It added that the transaction is expected to create an exceptional profit on disposal of £1.3m in the current year, after closure costs.
IRC estimated that Bank Aldwych would have generated about £500,000 of earnings before interest, taxes, depreciation, and amortisation in the full year.
Following the transaction, which is expected to be complete in mid July, the group plans to increase its 2008 opening programme from six to seven restaurants.
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By Daniel Thomas
E-mail your comments to Daniel Thomas](mailto:Daniel.Thomas@rbi.co.uk?subject=IRC sells Bank Aldwych) here.
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