Tchenguiz considers £400m restaurant flotation … For more hospitality stories, see what the weekend papers say

05 November 2007 by
Tchenguiz considers £400m restaurant flotation … For more hospitality stories, see what the weekend papers say

Tchenguiz considers £400m restaurant flotation Property tycoon Robert Tchenguiz is considering floating the restaurant division of the Laurel, the pub and restaurant chain he acquired in late 2004. He is currently splitting the group into two separate entities - a pub company including the Yates chain and a restaurant business (valued at around £400m) encompassing such brands as Slug & Lettuce, Ha Ha Bar and Canteen and La Tasca. Tchenguiz is said to have held informal discussions about the spin-off with potential advisers, but is expected to see how the flotation of Café Rouge owner Tragus fares in the New Year before making any decision. - The Sunday Times, November 4, 2007

Investment in Fifteen shaves Oliver profits
Celebrity chef Jamie OliverThe Observer, 4 November

McDonald's back-to-burgers strategy pays off
A refocus on promoting burgers rather than salads and fruits has helped operating profits at the British arm of fast-food giant McDonald's soar by 27% to £54.3m last year, compared with £42.7m in 2005. The figures vindicate the policy of new chief executive Steve Easterbrook, who overturned a policy introduced by his predecessor to push healthier options to arrest sluggish growth. Sales, however were flat at around £1.1b, partly as a result of McDonald's transferring a number of company restaurants to franchisees. Increased interest payments on a more tax-efficient loan to pay dividends to the American parent company reduced 2006 pre-tax profits to £28.4m from £39.1m the previous year. - The Sunday Times, 4 November 4

Advent draws back from Wagamama takeover
American buy-out firm Advent International, has pulled out of talks to buy noodle bar chain Wagamama after failing to agree on a price with owner Lion Capital, which is believed to be asking more than £210m. Mid-Ocean Partners, a buyout firm that has been involved with Center Parcs, is said to be interested in Wagamama, whose attempted flotation earlier this year was stalled by a lack of interest from City investors. - The Sunday Times, 4 November

S&N launches legal proceedings against Carlsberg
Brewer and pub operator Scottish & Newcastle (S&N) has launched legal proceedings against Carlsberg, its partner in the Russia-based Baltic Beverages Holding (BHH) company. As part of its battle against a hostile takeover bid from Carlsberg and Heineken, S&N has requested an Arbitration Tribunal in the Stockholm Chamber of Commerce. It claims that Carlsberg has breached agreements over its joint venture and must now offer its 50% stake to S&N. Analysts say the 720p-per-share offer for S&N undervalues BBH by £1b. This has triggered a clause in which an offer for BBH by one party gives the other the chance to buy the remaining stake at the same price. BBH holds a market-leading 36% share of the growing market Russian and boosted sales by 47% in the first half of the year while S&N's UK sales were flat. Observers believe the court battle could run for up to two years. - Scotland on Sunday, 4 November

By Angela Frewin

E-mail your comments to Angela Frewin]( considers £400m restaurant flotation ... For more hospitality stories, see what the weekend papers say) here.

[The Caterer Blog]( Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking