Italian restaurant chain Carluccio's sold for £90 million

2nd September 2010, 4:54pm

Shares in the Italian restaurant chain, Carluccio's, have soared after news of a £90 million takeover by the Landmark Group was confirmed.

In a statement the restaurant group it is "pleased to announce…the terms of a recommended cash offer for the entire issued and to be issued share capital of Carluccio's".

It values shares at 142p and values the Carluccio's business at £90.3 million. The offer has been described as "fair and reasonable".

Mukesh Jagtiani, Landmark Group's Chairman said: "Carluccio's constitutes one of the leading UK restaurant chains within its all day dining niche. We are encouraged by Carluccio's resilient performance during a turbulent economic period and are confident that Carluccio's should benefit from more favourable macro trends in the future.

"We believe Carluccio's and its management team have created a strong business and brand since the first opening in 1999. We look forward to supporting the management and working with them and the staff to deliver a successful growth strategy."

David Bernstein, Carluccio's senior independent director said customers will not be affected: "For our employees, it represents the opportunity to benefit from belonging to an international organisation of enlarged scale and breadth. Our customers will, however, see no change in our focus on quality, value, authenticity and the highest standards of service.

"This focus has helped the company deliver fantastic growth and returns since the arrival of the current management team more than ten years ago and has been and will remain the fundamental driving force behind the company."

Click here to submit a comment!

Have your say!

To comment on this article, simply enter your name and email and send us your views. Please note that your comment will appear publicly below this article once it has been processed. For enquiries please email info@eatoutmagazine.co.uk.