Stock market flotation remains an option for Café Rouge owner

28 August 2007 by
Stock market flotation remains an option for Café Rouge owner

Tragus chief executive Graham Turner has confirmed to Caterer that a stock market flotation remains an option for the Café Rouge and Strada owner as it prepares for life outside of private equity backers Blackstone.

"We continue to keep everything under review and floatation is something we are considering as an option going forward," he said.

However, Turner would not comment any further on weekend reports that linked Blackstone with a float of the restaurant group later this year valuing the company at £500m.

Blackstone bought Tragus Holdings nine months ago for £267m, when the Bella Italia owner, then 85% owned by venture capital company Legal & General Ventures, was looking at a stock market flotation worth £200m.

Since the private equity buyout, Tragus has bought fellow high-street dining chain Strada in May for £140m, an acquisition which made up for the disappointment of losing a bidding war in April for tapas chain La Tasca, which is now part of the R20-backed Laurel Pub Company.

It is believed that strong-trading in Tragus restaurants over the past year has spurred on the potential for Blackstone to dispose of its asset.

The company reported record sales over the Christmas period just after the buy-out and signed a deal in July with Center Parcs to run a portion it their restaurant outlets.

Café Rouge owner enjoys bumper Christmas trading >>

Café Rouge owner Tragus Holdings considers £200m stock market floatation >>

By Christopher Walton

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