D&D London has reportedly sold a 50% stake in its Custom House restaurant business in Copenhagen to a consortium of Danish investors, as up to 20 parties are thought to have shown an initial interest in acquiring a majority stake in the group.
It is thought the sale process for the owner of London restaurants such as Quaglino’s, Le Pont de la Tour and Coq d’Argent, is still at an early stage. No offers are thought to have been officially made yet for the group, which operates over 30 restaurants, including outlets in Paris, New York and Tokyo and is valued at around £70m.
As part of the process, which is being handled by Rothschild, Sir Terence Conran will sell his 51% stake in D&D, which owns the restaurants, while the existing management led by Des Gunewardena and David Loewi, who bought 49% of the restaurant group in 2006, will retain a 31% stake. Private equity group Cared Capital is also selling its 18% stake in the business.
It is understood that D&D will use the new investment to fund new London ventures and expand into India, Malaysia, Thailand, China and the Middle East.
The group will remain an investor in the Custom House site but said it would benefit from “the involvement of local partners in the business”.
The group is set to open its first hotel, the 80-bedroom South Place Hotel close to London’s Moorgate rail and tube station, this September.
It is also due to launch two new restaurants in the Old Bengal Warehouse near Bishopsgate.
