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Paramount receives bid approach

18 June 2004
Paramount receives bid approach

Paramount, owner of restaurant chains Chez Gerard, Livebait, Cafe Fish amd Bertorelli, could be subject to a £28m management buyout.

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Livebait: one of Paramount's brands
The company said today: "The board of Paramount notes the recent rise in the price of its shares and announces that it has received an approach connected with management which might lead to an offer at a price of up to 35p a share." But it added that discussions "are at a very preliminary stage". Paramount acquired the four restaurant chains after it bought Groupe Chez Gerard in April 2003. In the six months to December 2003 its 21 restaurants turned over £16m and made a profit of £900,000. Buy this week's *Caterer* magazine for more industry news and analysis
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