Capital in 2.4m food outlet sale

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.

Latest from Marketing Week

Influencers, consultancies and the recruitment crisis: The key topics of conversation at Cannes Lions

cannes lions

Cannes Lions 2018: Marketers turned out in force to advertising’s biggest annual event. But away from the usual talk of purpose and creativity, some big issues such as the recruitment crisis, how advertising responds to the #MeToo movement and cleaning up the influencer marketing space were discussed.

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here