Business
Sale of 28 Restaurants for Pa
Sale of 28 Restaurants for Pa.
About this update from Christie Group Plc
[{"type":"text","content":"\n RNS Number : 7485W Christie Group PLC 25 November 2010 \n \n\n\n\n\n25 November 2010\n \n \nChristie Group plc\n \nCompletion of Mandate on 28 Restaurants \non behalf of Paramount Restaurants\n \n \nChristie Group plc, the leading provider of professional business services and stock & inventory systems & services to the leisure, retail and care markets, announces that, acting on behalf of Paramount Restaurants, Christie + Co, its agency division, has sold the leasehold interests of 28 of the company's non-core assets, with all but two sites acquired by established corporate operators.\n \nThe 28 units comprised 12 Brasserie Gerards; eight Caffè Unos; four il Bertorellis; three Bertorellis; and one Chez Gerard. Occupying prime town and city centre locations, these sites were some of the best quality restaurants to come onto the market in over two years. \n \nChristie + Co and Paramount worked closely with landlords and buyers during the campaign, with significant premiums being achieved on several sites.\n \nThe sites were acquired by 12 different parties, with 26 bought by established corporate operators, including Tragus, Gondola Holdings, Prezzo, Giraffe, Costa Coffee and Busaba Eathai, whilst the remaining two sites were sold to individual private buyers.\n \nThe average price paid for each restaurant was in excess of £250,000, whilst geographically the spread was six in Central London; 10 inside the M25; and 12 throughout the rest of the UK.\n \nCommenting on the completion of the mandate, Simon Chaplin, Head of Restaurants at Christie + Co, said: \n \n\"The disposal of these 28 restaurants underlines what we have been saying for the last two years, that despite the tough trading environment, buyers will quickly appear for well-located and realistically priced assets, especially those that they can quickly turnaround at minimum cost. It also showed that premiums could still be achieved in a challenging market.\n \n\"The fact that the majority of the sites were acquired by experienced operators or established casual dining brands highlights that these companies are currently driving both transactional activity and performance across the sector and the country.\"\n \n\n \nEnquiries:\n \nDavid Rugg &nbs...