Fulham Shore, the David Page-led investment vehicle, has completed the acquisition of Kefi Ltd, the owner and operator of The Real Greek, for £13.9m and commenced trading on AIM.
The company, which will have the ticker FULL, has raised approximately £1.6m before expenses via a subscription, resulting in the issue of 26,749,900 new Ordinary Shares at 6p per share.
The group has acquired 99.04% of the issued share capital of Kefi for an aggregate consideration of £13.88m, satisfied via the issue of 222,255,000 new Ordinary Shares at 6p per share and the payment of £552,270 in cash.
For the year ended 29 June 2014, Kefi generated revenues of £8.6m and a profit after tax of £0.8m.
Page, chairman, said: “We are delighted to have completed the acquisition of Kefi. We believe the prospects for The Real Greek are strong and look forward to expanding the business as well as seeking further opportunities to build our portfolio of ‘best in class’ restaurants. The move to AIM will assist our strategy by providing access to future funding and enhancing our profile.”
The company said it believes there is the potential for up to 40 The Real Greek restaurants in the UK and a good number of potential locations have already been identified.
It is looking to operate up to three distinct restaurant businesses under its ownership.
The group said it would evaluate opportunities for acquisitions of either groups of individual restaurants, or multiple restaurants trading under the same name, focusing on the value for money and casual dining sectors.
Restaurant businesses to be considered by the company are likely to be capable of expansion to 40 or more restaurants, simple to operate but with a reputation for ‘best in class’ food.
Page is also a backer of Franco Manca, MeatLiqour and Bukowski Grill.
