Paramount argees to Craftbutton buyout

Restaurant group Paramount's board has today unconditionally accepted Craftbutton's offer to buy the company.

Craftbutton's owners Guy Naggar and Peter Klimt, who already hold 25% of Paramount's shares, have agreed to pay £28.9m for remaining stock.

The offer will stay open until 25 May, although Craftbutton has already received acceptances from more than 90% of the Paramount share holders.

Following the announcement, it was revealed that two Paramount directors, Leslie Hudd and Norman Andrew Summers, had resigned from the board.

Paramount is planning a major roll-out of its Bertorelli and Chez Gérard brands complete with lower-priced formats this year.

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