 Pizza Express serves up agreed bid under the nose of a rival suitor |
The owners of Pizza Express have swooped on rival restaurant chain Ask Central with an agreed �213m bid, beating a rival takeover offer. Capricorn Ventures and private equity group TDR Capital have tabled the bid, which has the backing of Ask founders Adam and Samuel Kaye.
The consortium secured ownership of Pizza Express last year after trumping a bid by former chairman Luke Johnson.
Its latest bid tops a rival offer from Caffe Uno owners The Restaurant Group.
Prospects
The Restaurant Group, known previously as City Centre Restaurants, triggered the Ask bid battle in December with an approach worth about �177m.
Aside from Caffe Uno, it already owns Garfunkel's and Frankie & Benny's, and had hoped to mature into one of the UK's largest independent catering chains.
Ask Central, which is based in St Albans, has been around since 1993 and owns the Ask, Zizzi and Jo Shmo brands.
"Adam and Samuel Kaye and their team have built a great business with excellent prospects," said Manjit Dale, founding partner at TDR Capital.
"We intend to build on their success by developing the leading full-service restaurant chain in the UK."