Capricorn Ventures, the backer of Nando’s, has appointed advisors to explore options for its premium burger chain, Gourmet Burger Kitchen (GBK), which could result in a sale of the business, MCA has learnt.
It is understood Capricorn has appointed Rothschild to advise on its options for the 72-strong business, which is currently led by Alasdair Murdoch and believed to be valued at up to c£90m. It is understood that a formal sale process will start later this summer.
Capricorn acquired Clapham House, the parent company of the then 53-strong GBK and its six-strong The Real Greek sister brand, in 2010, for £30.4m.
Last November, the company denied speculation that it was at an early stage of reviewing its options regarding its future ownership.
Murdoch told MCA last year that speculation was inevitable as Capricorn came up to its fifth anniversary of owning the business, which has experienced double-digit, like-for-like growth for the year to date and is on track to post turnover of c£70m in its current financial year.
Under Murdoch’s leadership the brand has reported 18 consecutive quarters of like-for-like growth. It has also recently completed a refurbishment and upgrade programme across its existing estate.
The group plans to open eight to 10 sites a year for the foreseeable future, with a short-term target of reaching 100 restaurants by the end of 2018.
Speaking to MCA last November, Murdoch said: “We now have confidence in what we can offer, there is more substance. We are entering our fifth year, with four years of good like-for-like growth behind us. When we acquired the business, our unit average weekly sales were £13,000, which in reflection is too low. Now it is £20,000. We will also have effectively doubled our turnover from the time we acquired the business,”
