£50m management buyout 
for restaurant group D&D

The group, which owns over 30 restaurants in Leeds, London, Paris, New York, Istanbul and Tokyo, said the investment will drive its domestic and international expansion.

D&D’s chief executive Des Gunewardena said: “This is an important point in the development of D&D. We have made good progress this year opening new venues, diversifying our core portfolio and expanding internationally and, despite the continuing fragile economy, D&D will report another year of increased revenue and profits.”

The MBO was backed by LDC, Lloyds Banking Group’s mid-market private equity house.

As a result of the transaction LDC will buy out vendors Conran Holdings and private equity investors Caird Capital, with the company’s senior management retaining their investment in the business.

Mr Gunewardena and D&D’s managing director David Loewi formed the company in 2006, following a partial management buyout of the business.

The company, then known as Conran Restaurants, was bought from Conran Holdings.

Since then the pair have turned the company into one of the world’s leading restaurant groups.

Last month the group launched its first UK restaurants outside London, Crafthouse and Angelica, which opened at the new £350m Trinity Leeds shopping centre.

The two restaurants, which occupy the fifth and sixth floors of the high profile development, are championing Yorkshire produce and suppliers.

Mr Gunewardena said they showcase the best Yorkshire produce. Local suppliers include butchers The Ginger Pig, based in Levisham, North Yorkshire.

Game merchants Yorkshire Game, based in Brompton-on-Swale, North Yorkshire, provides venison and game from North Yorkshire, the Peak District and Northumberland.

In London many of D&D’s outlets have become iconic restaurants, such as Coq d’Argent in the City, Quaglino’s in Mayfair, the Bluebird in Chelsea and Plateau in Canary Wharf.

Other high-profile outlets include Skylon, on London’s South Bank, Kensington Place and Launceston Place.

The company has also diversified into hotels.

In 2012 the group opened the £50m, 80-room, boutique hotel, South Place, based in the City of London, which has been nominated for a number of awards.

Last year LDC invested over £280m in 18 deals.