PCD bid for Loch Fyne approved by shareholders

Private equity firm Hutton Collins £30m bid for seafood chain Loch Fyne Restaurants (LFR) has been passed at an extraordinary general meeting of shareholders today.

On completion of the deal, Premium Casual Dining will be the new holding company for LFR and will be controlled by both Hutton Collins and LFR's management.

The deal values the group's shares at £10 each and contains a £21.8m cash component and LFR debt.

It was recommended by LFR's independent directors back in October.

In May LFR appointed investment bank Noble to advise on how to get the best value for its shareholders as the existing investment scheme used to fund the company came to an end this year.

LFR operates 25 Loch Fyne restaurants and five Le Petit Blancs in the UK.

By Chris Druce

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