The First Restaurant Group, the company co-owned and founded by Carlo Spetale and Harold Tillman, has completed the acquisition of the three London-based gastropubs owned by Tom Etridge, in a deal reportedly worth close to £3m.
The company, which already owns the Notting Hill Brasserie and Asian restaurant Taman Gang in Park Lane, has acquired The Ebury in Pimlico, The Waterway in Maida Vale, and The Running Horse in Mayfair.
Spetale told M&C Report that the company had acquired three “marvelous businesses” but was keen to add extra value to each outlet over the coming months.
He said: “The three venues are in excellent locations and are extremely profitable. However, we believe we can add extra value by increasing food and service standards.”
Spetale said he believed the enlarged group would make operating profits of about £3m and could eventually be worth up to £30m.
He also said that the group would be looking very closely at the possibility of floating the business in two to three years.
He said: “Our Notting Hill site is proving to be very profitable and we hope to see further improvements in Taman Gang over the next six to nine months. A float in two to three year’s time has always been part of the group’s plans.”
He also expects the group to complete two further deals for a couple more London-based restaurant and bar operations by the summer.
Corporate Coffer Leisure handled the deal
