Restaurant Group snaps up Brunning & Price
The Restaurant Group (TRG), the casual dining company, which operates Frankie & Benny's, Chiquito and Garfunkel's, has acquired Brunning & Price (B&P), the pub restaurant operator, for £32m.
B&P currently operates 14 sites, predominately in the North West of England.
Its estate includes five freehold sites and nine leaseholds, with a further freehold site, which is currently undergoing redevelopment, set to open next year.
Its expanding portfolio of 14 pub restaurants is of an exceptionally high standardAndrew PageThe Restaurant Group
In the year to 30 June 2007, B&P generated restaurant Ebitda of £3.9m, an increase of 12% on the previous year.
Its existing management team will remain with the business.
TRG said it expects the acquisition, which has been satisfied through existing banking facilities, to be earnings enhancing in current and future financial years.
It said that the deal provided it with increased opportunities to further develop its pub restaurant business, which now includes more than 40 sites.
TRG said that the B&P sites would remain unbranded and that it would to look to rollout further B&P units and its Blubeckers pub restaurant brand in both rural and semi-rural locations.
Andrew Page, chief executive of TRG, said: "We are delighted to have secured ownership of the B&P business and to welcome its team into TRG.
"Its expanding portfolio of 14 pub restaurants is of an exceptionally high standard both in terms of profitability and quality of food, beverage and service.
"In 2007 B&P was voted Pub Group of the Year by the Good Pub Guide - testament to its consistently high standards of quality, value and service.
"Our pub restaurant businesses now comprise in excess of 40 sites located predominantly in Cheshire, the North West and the South East.
"The acquisition of B&P enhances our opportunities for future rollout and the further profitable development of our pub restaurant business."
