Gourmet Holdings, the company formerly known as Madisons Coffee, announced this morning that it has bought Bel and the Dragon in a cash and shares deal worth up to £6.28m.
The deal marks Gourmet Holdings first move away from its coffee business and into the wider restaurant sector. The group changed its name only four days ago.
Gourmet Holdings has acquired the group’s three gastro pubs at Cookham, Windsor and Godalming. The fourth site, in Reading, is being held by the company’s former owners and will trade under the Bel and the Dragon name under an agreement with Gourmet Holdings.
Gareth Lloyd-Jones, the chief executive of Gourmet Holdings, said: "The acquisition of Bel and the Dragon is a key step in the repositioning of the company.
"Bel and the Dragon is a strong brand with good people that has been developed over a number of years into a highly successful restaurant format."
Gourmet Holdings will pay £5.95m for the company - including £2.3m to repay existing debts and almost 1.4million shares.
A further payment will be made dependent on the restaurant’s performance and value when the deal is completed.
