Capricorn Ventures, the private equity backer of Nando’s, GBK and Wahaca, has run the rule over the rump of the Strada estate, which is currently on the market with a price tag of c£40m, M&C Report understands.
It is thought that the company has expressed an interest in the c35-strong core of Strada’s estate, however, it is unclear whether it will follow this through with a bid.
First round bids for the rump of Strada’s estate are due tomorrow, with a number of private equity groups, trade buyers and Richard Caring thought to have shown an interest in the package.
If successful it is thought that Capricorn would convert the majority of its sites to its existing brands.
Last week, Zolfo Cooper, which is handling the sale process for Strada, said it had had a large number of highly credible expressions of interest in the business
Former backers Luke Johnson and Caring, plus Prezzo have all been linked with acquiring the rump of the brand’s estate.
Paul Hemming, partner at Zolfo Cooper’s Advisory Services practice and head of the firm’s leisure industry team, said: “Since we started the process earlier this month, we have had a large number of highly credible expressions of interest. We will continue the process, working towards the best outcome for all stakeholders. This should be achieved by the end of the summer.”
It is thought that the brand produced EBITDA of c£8.2m in its last financial year, but like-for-likes were down 6%.
M&C Report understands that the brand’s top 15 sites are producing average EBITDA of £400k and above, with top performers such as Royal Festival Hall and More London generating full-year net sales of c£3.8m and £3.3m respectively.
On top of that there are thought to be around 20 sites that are described as good performers.
