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Nando’s and Mitchells & Butlers gobble up rivals
Business Digest: Long-awaited restaurant industry consolidation begins in earnest
The UK restaurant industry, long thought to be ripe for consolidation, saw two takeover deals worth a combined £50m today.
Nando's Group Holdings, owner of the Portuguese-themed restaurant chain, bought Clapham House, which owns The Real Greek and Gourmet Burger Kitchen, for £30m, while Mitchells & Butlers picked up Ha-Ha Bar & Grill for £19.5m.
Clapham House, which was already 27 per cent-owned by Nando's, pointed to difficult trading conditions in a statement: "The pressures on UK consumers continue to build and this is likely to increase with the scheduled rise in VAT in January 2011."
Nando's is owned by the private equity group Capricorn Ventures International, which points to its track record in turning restaurant businesses around.
Meanwhile, Mitchells & Butlers' acquisition of Ha-Ha Bar & Grill will see the end of that brand. The chain's 22 restaurants will be used to expand M&B's current brands, with 12 new All Bar One sites, six new Browns restaurants, two Premium Country Dining sites and two Harvesters.
Read a full report at the Financial Times (registration required). ·
