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In an institutional buyout, mid-market private equity firm LDC is backing the management team which built the La Tasca chain in their latest business venture - the rollout of Mediterranean-style restaurant group Ego.
Established in 1997, Ego offers an eclectic mix of dishes from all over the Mediterranean, cooked using predominantly fresh and locally sourced produce. It currently operates five restaurants across the North West, with a sixth scheduled to open in the Midlands in late April.
Led by Executive Chairman James Horler, the five-strong management team at Ego has acquired a significant minority stake in the business. The same team has opened approximately 120 restaurants in the UK since 1996, comprising 57 La Tasca units and 63 Frankie & Benny’s units.
In 2001 the team completed the £27million IBO of Spanish-themed chain La Tasca, and increased profits four fold before selling the business in 2007.
LDC, which has taken a majority stake in the business, will invest up to £9.1million to fund the initial acquisition and the rollout of 36 new outlets.
The buyout, which provides a full exit for Ego’s founders Jason Ellison and Jonathan Poole, was led by Craig Armour, Senior Director in LDC’s Edinburgh office. John Barnes and Ian Edward join the business as non-executive directors.
Barnes acquired Harry Ramsdens in 1988, led the IPO in 1989 and completed the £20million sale to Compass in 1999. Edward is a former non executive of Duke Street Capital and recently advised Paramount on the acquisition of Cafe Uno and Loch Fyne on the sale to Greene King Plc.
James Horler, Executive Chairman of Ego, said: “Many suburban areas in the Midlands and North West are under-provided for in terms of quality casual dining and Ego is well placed to make excellent inroads into this area.
“The concept has already proved popular in key locations across the North. We’ve acquired a well-run chain which will act as a solid platform from which to develop the business and execute a successful rollout.
“In LDC we’ve secured the backing of a leading investor which understands our approach and will provide the financial and strategic support required to establish Ego as a successful restaurant brand.”
Craig Armour, Senior Director at LDC, said: “The casual dining sector is set to continue to grow as eating out is such an integral part of people’s lifestyles.
“We’re backing a management team which has worked together since 1995 and which has a track record of using their complementary skills to create significant shareholder value.”
ENDS 28 March 2008
Press Release by http://www.citypress.co.uk/
The former management team of La Tasca, the Spanish tapas bar chain, has secured private equity funding to buy Ego, a Mediterranean restaurant concept, and develop it into a national chain.
James Horler, who quit as chief executive of La Tasca after its sale to Robert Tchenguiz a year ago for about £136 million, is leading the buy-in of Ego, which is based in northwest England.
LDC, the private equity arm of Lloyds TSB, is supplying £9.1 million of equity and loan stock in return for a 58 per cent stake.
The money will fund acquisition of the fledgeling chain from its founders, Jason Ellison and Jonathan Poole, and the rollout of a further 38 outlets over the next four years.
Mr Horler, who becomes executive chairman of Ego, and five colleagues will take a combined 42 per cent stake by investing some of the money that they made from the La Tasca sale.
John Barnes, the former chairman of La Tasca, becomes a non-executive director.
Mr Horler, who also ran the Frankie & Benny’s chain for The Restaurant Group, said that Ego would initially focus on suburban areas in the North and Midlands, including Nottingham and Leeds.
He said: “There is a lack of quality casual dining, table-service restaurants in suburban locations. These are places that the big national brands haven’t got to and probably won’t get to.”
Ego, which has an average net spend per head of £19, was aimed at the over-40s “who don’t want to have to go into the city centre to find a decent restaurant”.
It has five outlets in the North West — in Chester, Liverpool, Heswall, Stockton Heath and Bramhall — and will soon open its first in the Midlands, in Lichfield.
Mr Horler said that once the group reached ten sites it would seek to raise debt funding, and that he was confident the business would be able to ride out a fall in consumer spending, arguing that restaurants were “a reasonably safe bet”.
Craig Armour, senior director at LDC, is handling the deal. In his previous job at Penta Capital he backed Mr Horler and Mr Barnes in the £27.2 million buyout of La Tasca in 2001. Four years later, it floated with an enterprise value of £71 million.
Originally published by The Times - view full article?
The Ego website was built by Re:Align:Design Ltd, you can view it online @
http://www.egorestaurants.co.uk/
Thursday 27th March 2008 saw the brand new Ego Restaurants Website relaunched by Re:Align:Design. With the emphasis on clean, crisp design the new Ego website will change seasonally to reflect the core brand and ethos of the company.
Take a look for yourself at:
Telford’s Warehouse in Tower Wharf, Chester is an independently run freehouse / bar / restaurant and a renowned music and arts venue. A fine balance of customer exists, attracted by it’s friendly staff, large open bar with exceptional selection of European beers, CAMRA rated cask conditioned ales and extensive wine list.
Built by Re:Align:Design December 2007 / January 2008
http://telfordswarehousechester.com/
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Superb campsite in North Wales (Conwy) lovely setting, great facilities including a pub! http://www.conwytouringpark.com/
Anthony’s Travel @ Fotopic.Net
Some sample shots of Anthony’s travel fleet I found…