The Caterer

Paramount argees to Craftbutton buyout

12 May 2005
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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