Sir Terence Conran to sell restaurant stake

12 May 2008
Sir Terence Conran to sell restaurant stake

Sir Terence Conran is to sell his controlling stake in D&D London, the former Conran Restaurants group.

The British designer and restaurateur has appointed US investment bank Goldman Sachs to lead a sale of his 51% stake in the business as well as HBOS's 18%.

The move comes after D&D London had a number of unsolicited approaches from buyers, including a Middle Eastern investor and a private equity firm in the UK.

D&D London is reported to be worth more than £200m valuing Conran's 51% per cent stake at more than £100m.

Chief executive Des Gunewardena told The Sunday Telegraph that Goldman Sachs will look for a new investor, ahead of plans to expand the business internationally and move back into the hotel sector.

"We are seeking partners to take the business to the next stage of expansion," he said. "There are big opportunities to expand the group in London, New York, Asia and the Middle East."

D&D London formerly owned London's Great Eastern Hotel but sold the property to Hyatt Hotels in 2006 in a deal worth £150m.

Daily Telegraph story in full>>

D&D London makes redundancies>>

D&D London adds Image Restaurants to portfolio>>

D&D London issues first full-year figures>>

Great Eastern hotel sold>>

By Kerstin Kühn

Email your comments to Kerstin Kühn here.

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