Loch Fyne restaurants up for possible sale – Fishupdate.com

Loch Fyne restaurants up for possible sale Published:  27 May, 2005

LOCH Fyne Restaurants has announced plans to put the business up for possible sale, it has been reported.

LFR plc, which comprises the Loch Fyne Restaurants and Le Petit Blanc brasserie brands, instructed the financial advisers Noble & Co to “carry out a strategic review and advise on possible alternatives for shareholders to realise the value of their investment”.

Possible options available include a sale to a rival or a private equity firm or a stock-market flotation which could net the shareholders anything between £30m and £40m.

The restaurant business, under the management of Mark Derry, now has 27 seafood restaurants around Britain, including a 75 per cent stake in five of Raymond Blanc’s Le Petit Blanc chain, and more sites are due to open over the next 12 months in Poole, Ipswich, York and Knutsford. Last year the business reported a 32 per cent jump in pre-tax profits to just over £1m from turnover up 27.6 per cent to £27.9m. This year it is tipped to deliver earnings before tax of about £4m.

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