FRP wraps up Carluccio’s sale to Boparan Restaurant Group
FRP Advisory Group said that it has wrapped up the sale of UK-based Italian restaurant chain Carluccio’s to Boparan Restaurant Group (BRG) in a deal that will transfer 800 plus jobs.
Phil Reynolds and Geoff Rowley from FRP Advisory Group’s restructuring advisory team were appointed in March as Joint Administrators of the Italian restaurant chain.
Following a marketing process, the Carluccio’s brand and 30 restaurants in the UK were offloaded to Boparan Restaurant Group which comprises brands such as Cinnamon, Fishworks, Giraffe, Slim Chickens, and Ed’s Easy Diner.
Phil Reynolds said: “The COVID-19 lockdown has put incredible pressure on businesses across the leisure sector, so it has been important to work as quickly and as decisively as possible in an extremely challenging business environment to secure a sale, which ensures the future of the Carluccio’s brand in the UK casual dining scene, retains a significant network of sites across the country and, critically, transfers a considerable number of jobs. We wish the team all the best as part of the Boparan Restaurant Group.”
Outside of the administration, Boparan Restaurant Group also acquired Carluccio’s Dawson Street restaurant in Dublin, Ireland.
Mark Jones – CEO at Carluccio’s said: “For what has been a particularly challenging period for everyone at Carluccio’s and much of the rest of our industry, we’re grateful for the support and guidance provided by the team at FRP which has worked hard to secure the future of the business.”
According to FRP Advisory Group, 40 sites which were not part of the deal will be shuttered, which will result in the losses of jobs at those restaurants.
Satnam Leihal – Managing Director of Boparan Restaurant Group said: “We welcome Carluccio’s colleagues to BRG. This acquisition is in line with our strategy to grow our restaurant group with quality brands. Whilst it is an extremely challenging time for the sector, we believe quality hospitality businesses will recover in the long term as people return to eating out.”