Casual Dining Group bought out of administration for £18m
Epiris has bought Casual Dining Group's remaining estate of 150 restaurants out of administration for a total consideration of £18m.
The private equity firm, which has rebranded the business as the Big Table, made an initial payment of £9m with a further consideration of £9m to be paid on the assignment of the leasehold portfolio.
Two rival bids had been made for the business as a whole, with two further parties having expressed interest in taking on the Las Iguanas brand. The group also incorporates Bella Italia and Café Rouge.
Casual Dining Group appointed administrators on 2 July. An administrators report details liabilities including £126m to a secured creditor.
At the time of appointment the business comprised 249 restaurants and administrators took the immediate decision to close 91 sites permanently, with 1,872 employees made redundant. A further six restaurants were later closed with another 126 jobs lost, the report filed with Companies House states.
The administrators, from AlixPartners, also held discussions with 144 landlords and secured savings of approximately £350,000 in respect to the period of administration trading.
The business continues to be led by the existing management team under chief executive James Spragg as the Big Table. It will carry no external debt going forward.
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