Bidders look to buy-out Tootsies
Clapham House, the restaurant group behind the Gourmet Burger Kitchen (GBK) has been approached by a number of private equity buyers looking to buy-out its Tootsies burger chain.
Three suitors have expressed an interest in the operation after recent figures show the group has weathered the storm of the economic downturn with half-year profits up 26%.
Clapham House posted profits of £3.7 million in the six months to September 28 after affordably-priced promotions helped offset the impact of difficult selling conditions as diners looked for cheaper eating options.
The group had sought to sell Tootsies earlier this year, but were forced to put plans on hold due to poor market conditions. However, the strong profits reported earlier this month have refreshed interest in the chain, which now appears to be an attractive option for buyers.
The first branch of Tootsies opened 35-years ago and there are now 23 restaurants across the UK.
The group, which also owns Real Greek restaurants in London, sold its Indian restaurant and takeaway chain Bombay Bicycle Club in July for £4.4 million.
Copyright © Press Association 2008
Related posts:
- Price deals boost GBK burger sales
- Eatery offers snakes on a plate
- CO-OPERATIVES REPORT BENEFITS OF SOMERFIELD DEAL
- Morrisons vows to cut plastic bag usage
- RESTAURANT GOERS ‘TRADING DOWN’ TO CHEAPER EATERIES THEATENS THE FUTURE OF BRITISH CUSINE
- YORKSHIRE ASPARAGUS IS THE MOST HEALTHY
- AN INCREASE OF A MILLION SHOPPERS A WEEK DRIVE SAINSBURY’S PROFITS
- Shoppers bypass M&S offerings
