Capital Radio has sold its Henry J Bean-themed restaurants to a management buyout (mbo) team in a move which completes the group’s disposal of food outlets which are peripheral to its business.
The radio group sold the American-style chain to the mbo (called Silverluck) for 2.4m. The bar and grill outlets comprise a mixture of 22 wholly-owned and franchised restaurants located around the world, from London to Beijing.
Capital bought the venues for 56m as part of its purchase of the My Kinda Town restaurants in November 1996. Since then, it has been disposing of restaurants where it cannot play its radio stations. Capital sold off outlets in Ireland and Germany last year, which leaves the company with only Capital Radio cafés and Latin-themed restaurants.
Peter Harrison, Capital Radio finance director, says: “This just about completes our sell-off. We will expand our restaurants, but only when they generate enough cash themselves to do so.”
Silverluck managing director Douglas Smillie, who also managed the chain under Capital, says: “We thought we could invest in the brand if we took it out of Capital. We are looking at sites now.”
Silverluck is backed by three venture capital companies: Guinness Flight, Elder Street Investments and Downing Class Venture Capital Trust.