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Bids submitted for Drake & Morgan sale

By M&C Report , 05-Dec-2012
Last updated on 05-Dec-2012 at 12:27 GMT2012-12-05T12:27:08Z

A mixture of private equity groups and trade buyers are believed to have shown an interest in Drake & Morgan, the highly-regarded bar-restaurant operator.

First-round bids for the five-strong business, which is led by Jillian MacLean, are believed to have been submitted earlier last week. It is understood that an asking price of circa £25m has been put forward, although it is thought the group might realise a price closer to the high teens/£20m mark.

It is thought that Novus has run a rule over the business, which is backed by investment company Imbiba Partnership, while a MacLean-led, private equity-backed management buyout of the group is a possible option.

It recently secured two sites for next year and is set to announce plans to ramp up its expansion strategy.