Bay Restaurant Group completes refinancing

28th July 2009, 11:33am

Bay Restaurant Group, the UK's fourth largest restaurant group and operator of La Tasca, Slug and Lettuce and ha ha bar has finalised its financial restructuring.

The new terms agreed with Kaupthing and Commerzbank provide the Group with £150 million of new debt which will be in place until 2012, which materially reduces the level of debt within the business.

The transaction will also see the Bay management team incentivised with a significant equity stake going forward.

Bay generates approximately £25 million of EBITDA on an annual basis. Over the last two years Bay has grown substantially and has invested over £15 million in its estate.

Paul Symonds, Chief Executive of Bay Restaurant Company, commented: "We are delighted to have secured supportive refinancing from our banks which puts the Group on a secure financial footing for the future. Our brands have continued to trade well in spite of widely documented challenging market conditions.

"This transaction will enable us to continue to invest and grow our business, incentivise and motivate our management team and staff, and firmly provides the Group with the opportunity to continue to outperform in our market. The Directors look forward to the future with confidence."

Bay Restaurant Group now has approximately 190 restaurants across the UK.

Related Articles:

• 23 Jul 2010 - Bay Restaurant Group hosts first chef school dinner
• 14 Jul 2009 - Top food operators support initiative from National Skills Academy
• 09 Jun 2009 - La Tasca targets British holidaymakers with summer menu
• 25 Feb 2009 - Restaurant chains need to work harder
• 04 Feb 2009 - Customers pay what they think
• 26 Sep 2008 - Slug and Lettuce launches new website
• 12 Sep 2008 - City chef wins La Tasca 'Tapa Chef of the Year'
• 04 Aug 2008 - La Tasca pelts tomatoes for teenagers

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