Business
Investment in Indian Restaura
Investment in Indian Restaura.
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[{"type":"text","content":"\n RNS Number : 6578K Brainspark PLC 23 April 2010 \n \n\n23 April 2010\n \nBrainspark plc\n(\"Brainspark\" or the \"Company\")\n \nInvestment in Indian Restaurants Group plc\n \nBrainspark plc (AIM: BSP), a fast growing international investment company, is pleased to announce that the Company has entered into an agreement with Indian Restaurants Group plc (\"IRG\") to subscribe for 5,578,994 new ordinary shares in IRG, equivalent to 29.9 per cent of the enlarged issued share capital of IRG (the \"Investment\"). The total consideration for the Investment by Brainspark is £139,474.85, equivalent to 2.5 pence per new ordinary share in IRG, to be fully settled in cash. \n \nIndian Restaurants Group (AIM: IRGP) is an AIM quoted investment company with a strategy to acquire and operate a chain of restaurants providing authentic, home style Indian food. IRG currently operates 3 Indian restaurants in the UK and recently opened a restaurant branded in Mela which is situated in Redhill, Surrey. The funds raised pursuant to the Investment will be used by IRG for working capital purposes. Haresh Kanabar is director of both IRG and Brainspark. Haresh Kanabar does not hold any shares in either IRG or Brainspark . \n \nFor the year to 30 September 2009 IRG generated revenues of GBP 2.47 million, with a loss before tax of GBP 0.68 million. Audited net assets of IRG as at 30 September 2009 were GBP 1.73 million.\n \nIt is the intention of IRG to invite Alfredo Villa, CEO of Brainspark, to join the Board of IRG as a Non Executive Director.\n \nProf. Francesco Gardin, Chairman of Brainspark, commented, \"IRG is in line with our stated investment strategy in the leisure and entertainment industry. We view IRG as an excellent platform for growth in this sector. This new investment adds one more quoted company to our portfolio.\" \n \nAlfredo Villa, CEO of Brainspark, commented: \"We view a natural synergy between the restaurant business and the theme parks, where authentic home style Indian food will prove to be an appealing alternative to the standard fast food style offering, available nowdays in these sites. We envisage the growth of IRG starting from a strong existing business base, which is profitable at the individual restaurant level, and with scale should move towards overall p...