The Bombay Bicycle Club (BBC), Clapham House’s Indian food brand, has this morning been sold to Gourmet Restaurants, the operator of Tiffinbites. The deal, which was concluded in the early hours of this morning, will see Gourmet pay £4.4m for the share capital of BBC. Including the assumption of debt, it is thought that the value of the transaction is between £8m and £10m. The business comprises three restaurants and 15 home-delivery units. Gourmet Restaurants, led by founder and chief executive Jamal Hirani, has four Tiffinbites locations – in Canary Wharf, Liverpool Street, Moorgate and St Paul’s – and also operates the upmarket Vama restaurant in Chelsea. It also recently signed a deal with a franchise partner to open restaurants in the Middle East. In the year to March 2008, the BBC business generated losses of £0.48m. The business had assets valued at £2.4m. Clapham said this morning that the sale would reduce profits by £1.9m because of a one-off non-cash impairment charge. Paul Campbell, Clapham’s chief executive, said: “Whilst we are sad to see The Bombay Bicycle Club leave our portfolio, it is predominantly a home delivery business with a different pricing point and a longer period for return on capital than our other brands. “We believe at the current time it is appropriate to strengthen our balance sheet and focus resources on our pure restaurant businesses, Gourmet Burger Kitchen, Tootsies and The Real Greek.” Clapham was advised by Coffer Corporate Leisure. It is thought that Barclays provided debt financing to Gourmet Restaurants.