3rd Jan 2006 07:45
Gourmet Holdings PLC03 January 2006 Gourmet Holdings plc ("Gourmet Holdings" or "the Company") Acquisition of Bel and the Dragon (Reading) Limited Gourmet Holdings plc is the operator of six pub restaurants of which three arebranded Bel and the Dragon. It also operates 4 Richoux restaurants. The companyhas recently raised £5.2m to accelerate the roll out of it's pub restaurantbusiness. Today Gourmet Holdings announces the acquisition of the only otheroperating Bel and the Dragon. Highlights • Gourmet Holdings acquires Bel and the Dragon in Reading for a total consideration of up to £3.85m in cash. • Completes the acquisition of the Bel and the Dragon group as envisaged in June 2004. • The Reading property is a very long leasehold (997 years) interest located at a riverside setting close to Reading town centre. • Turnover of the restaurant was approximately £1.5m and EBITDA of approximately £315,000 in the year to 26th June 2005. Gourmet Holdings is pleased to announce that it has competed the acquisition ofBDR Limited, whose principal asset is the Bel and the Dragon country pub andeating-house located on a riverside location adjacent to the Kennet and Avoncanal close to Reading town centre. The current restaurant, that has operated since 2004,comprises of about 130covers in a sympathetic conversion of some old industrial buildings used for avariety of purposes including at one time part of the Huntley and Palmer biscuitfactory. There is also, adjacent to the restaurant, a Humber Keel barge whichwas converted to provide additional external seating for about 100 covers ondeck together with staff accommodation located below. In the year to 26 June 2005 the restaurant had sales of £1.5m, earnings beforeinterest, tax, depreciation and amortisation of about £315,000, net profit ofapproximately £255,000 and as at the same date the restaurant had gross assetsof about £2.1m. Commenting, Chief Executive Gareth Lloyd-Jones, said: "The Bel at Reading has been highly successful since opening and is also showingorganic growth in sales and profits in the current year. This acquisition achieves two important goals for the Company. Firstly, itfinalises the purchase of the Bel and the Dragon brand as we had envisaged inJune 2004 and secondly invests some of the new funds raised during the recentplacing. We will now operate four Bel and the Dragon branded restaurants all of which arelocated on or near riverside areas I am pleased to confirm that we are inadvanced negotiations for an additional Bel and the Dragon site which willdemonstrate our ability to roll out this brand. " 3 January 2006 ENQUIRES Gourmet Holdings plcGareth Lloyd-Jones, Chief Executive (020) 8394 5555 College Hill AssociatesMatthew Smallwood (020) 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Richoux Group