Geronimo Inns, the London managed pub group led by Rupert Clevely, could change hands. Majority shareholder Penta Capital is reported to have appointed PricewaterhouseCoopers (PWC), the professional services firm, to review the business ahead of a possible sale.
Penta, the private equity group that also has a stake in EAT and used to own La Tasca, has asked PWC to look at a number of options to raise finance including the sale of a smaller stake.
Geronimo, which has 28 pubs, is thought to have limited capacity to acquire a new businesses and had to watch as Capital Pub Company acquired the two-strong pub group Tomahawk last month – a business previously managed by Geronimo. It is also thought to have seen significant sales uplifts at pubs bought last year from Punch Taverns.
M&C understands that Geronimo and Capital have in the past held informal talks over combining the two businesses.
A sale of the Geronimo business is likely to trigger interest from a wide range of buyers including trade players and private equity, with an estimated price tag of £35m to £50m.
