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](mailto:Angela.Frewin@rbi.co.uk?subject=Tchenguiz considers £400m restaurant flotation ... For more hospitality stories, see what the weekend papers say) here.
|
|