25th Apr 2005 08:30
Whitbread PLC25 April 2005 25 April 2005 WHITBREAD TO SELL GERMAN RESTAURANT BUSINESS Whitbread announced today it has agreed to sell its German restaurant business,Maredo, to German Equity Partners II LP (a fund advised by ECM Equity CapitalManagement GmbH) and Co-Investors Parcom Ventures and Fortis Private Equity fortotal proceeds of €35.6 million. This includes a repatriation of capitalprior to the sale. The net asset value is €29 million. Maredo is the leading German steakhouse brand, consisting of 58 restaurants (54in Germany and 4 in Austria) with 1880 employees. The current management of thebusiness will remain with the business post sale. Maredo was founded 30 years ago and was purchased by Whitbread in 1994. Alan Parker, Chief Executive, Whitbread PLC commented, "I announced at theBusiness Review in October 2004 our strategy to exit from non-core parts of ourbusiness and made clear our plans to dispose of Maredo. I am delighted we havebeen able to achieve this within a short timeframe. "Whitbread has significantly reshaped itself over the past year and we have astrong platform to build on in the three sectors of the leisure market where wehave leading positions: budget hotels, restaurants, and health and fitness clubs". The transaction is subject to regulatory clearance in Germany and Austria and isanticipated to be completed in May. The effect of the transaction onWhitbread profits is not believed to be material. Ends For more information please contact: Investor Relations:Dan Waugh, Whitbread PLC +44 (0) 20 7806 5442; +44 (0) 7799 581763 (m) Press Contacts: Anna Glover, Whitbread PLC +44 (0) 1582 396 745Abigail Langan, Whitbread PLC +44 (0) 7799 347 674 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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