Paramount sells off portfolio of 28 restaurants

19 November 2010 by
Paramount sells off portfolio of 28 restaurants

Paramount Restaurants]( has sold all 28 of its "non-core" sites that it put up for sale in May this year.

The company instructed property agent Christie + Co to sell the portfolio of sites under the Brasserie Gérard, Chez Gérard, Caffè Uno, Bertorelli, il Bertorelli and Livebait brands.

Christie + Co said it received multiple bids for the sites, which were acquired by 12 different parties.

Established corporate operators including Tragus, Gondola Holdings, Prezzo, Giraffe, Costa Coffee and Busaba Eathai took 26 sites between them, while two went to individual private buyers.

The average price paid was more than £250,000.

Simon Chaplin, head of restaurants at Christie + Co, said: "The disposal of these 28 restaurants underlines what we have been saying for the last two years: that despite the tough trading environment, buyers will quickly appear for well-located and realistically priced assets, especially those that they can quickly turn around at minimum cost. It also showed that premiums could still be achieved in a challenging market.

"The fact that the majority of the sites were acquired by experienced operators or established casual dining brands highlights that these companies are currently driving both transactional activity and performance across the sector and the country."

David Street, Paramount's property director, commented: "We are pleased with the success and pace of the disposal programme, which highlights strong teamwork and expertise between us, Christie + Co and Wallace & Co, our solicitors for these transactions, underpinned by a clear focussed plan from initial marketing, agreeing deals through to completion. Our strong relationship with our landlords ensured quick and trouble-free consents for our purchasers. We are now able to focus on improving and growing our retained business of 44 sites comprising 29 French restaurants, 11 Italian, and four Livebaits."

Prezzo buys 11 Paramount Restaurants sites >>

Paramount Restaurants to be put up for sale >>

Paramount confirms Bertorelli, Caffe Uno and Livebait sell-off >>

By Neil Gerrard

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