Nando's to buy Gourmet Burger Kitchen

NANDO'S has made a £30.4m bid to buy the group behind the Gourmet Burger Kitchen and Real Greek restaurants, it was announced today.
By The Newsroom
Published 17th Sep 2010, 10:41 BST

Nando's has agreed a recommended cash offer worth 74p-a-share for Clapham House Group as it seeks to gain a further foothold in the UK casual dining market.

Nando's, which already owns a 27 per cent stake in the Clapham House Group through its Capricorn investment vehicle, has 234 restaurants and employs 6,500 staff in the UK and Ireland.

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It will add 67 UK and international Gourmet Burger Kitchen (GBK) restaurants and six Real Greeks if the deal gets the go-ahead from shareholders.

Clapham House, which revealed in July it was in talks with a bidder, said it faced "uncertainty" because of January's VAT hike and the worrying consumer outlook.

The company - headed by chairman and former Pizza Express boss David Page and chief executive Paul Campbell - listed in November 2003 with the aim of buying up brands. It acquired traditional Greek cooking chain The Real Greek in December 2003 and GBK in November 2004.

It is thought Clapham House hoped for a "white knight" rival bidder to emerge, but efforts were reportedly blocked by Nando's existing 27 per cent stake.

Clapham House has attracted praise for the success of its GBK operation in recent years, although the group as a whole has had a tough recession.

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