Search
The Caterer

Urban Dining considers selling up

25 November 2005
Urban Dining considers selling up

Urban Dining's chief executive has resigned in a boardroom shake-up and the company has admitted it may be forced to sell-up due to weak trading.

The company, which owns Tootsies, said that despite opening six new restaurants in September and October this year, taking the restaurant estate to 30, "recent trading had not been good".

Urban Dining's shares are currently worth 34p each, significantly lower than the 50p value they attracted when the company listed on the Alternative Investment Market in May 2004.

As a direct result of this fall, the company said it had abandoned its growth by consolidation strategy that it has pursued since creation.

A boardroom shake-up has seen chief executive and director John Metcalf leave the company and chairman Glen Tomlinson granted executive powers to oversee a review of the options, which could include a sale.

Urban Dining said it would update shareholders on the progress of the review in the New Year.

By Chris Druce

Get your copy of Caterer and Hotelkeeper every week - click here to subscribe and save 25%.

Sudoku Join the craze and play Sudoku online!
The Caterer Breakfast Briefing Email

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

Sign Up and manage your preferences below

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.

close

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.