D&D sale to fund Far Eastern focus
D&D restaurant group’s 30-strong portfolio is up for sale as the company seeks to finance major expansion in the UK and Far East.
With restaurants including Quaglino’s, Coq d’Argent and Launceston Place within its UK collection, D&D is expected to attract a price tag of £70 million. However, according to the Financial Times this could rise to as much as £100m thanks to the launches later this year of a first hotel in London, as well as a further four restaurants, two each in Leeds and London.
The company declined to comment on the deal at this stage, but is understood to be searching for a new investor to replace Conran and Caird, which will support a mission to double its restaurant presence in London, as well as take advantage of the current fine dining boom across Malaysia, Hong Kong, Singapore and the Middle East.
An opening anticipated in Kuala Lumpur within the next year is expected to herald the start of a major five year growth period for the company, which already owns restaurants in Copenhagen, Paris, Tokyo and New York.
At present, Conran Holdings owns a 51% stake in the group, with the rest held by private equity firm Caird Capital and the management. Chairman and CEO Des Gunewardena took control of D&D back in 2006, when together with managing director David Loewi he changed the company’s original name, Conran Restaurants.