Brunning & Price tastes success in The Restaurant Group deal

The Restaurant Group has acquired Cheshire gastro-pub chain Brunning & Price for £32m.

B&P has its headquarters in Saighton near Chester and operates 14 upmarket pub/restaurants, predominantly in the North West, Midlands and North Wales, five on freehold sites and nine leasehold. A further freehold site which is currently undergoing redevelopment is expected to open during 2008.

A spokesman for TRG said: "The acquisition of B&P provides TRG with increased opportunities to further develop its pub restaurant business, a segment of the eating out market which possesses good prospects for long-term sustainable growth, distinct barriers to entry and the prospect of good returns on investment.

"The acquisition is complementary to Blubeckers, the pub restaurant business acquired by TRG in 2005. Following the acquisition the group will have a portfolio of more than 40 pub restaurants and it is the board's intention to roll out both B&P and Blubeckers pub restaurants in both rural and semi-rural locations."

B&P was established in 1981 and has been named Pub Group of the Year three times in the past ten years.

The existing management team of B&P will remain with the business. In the year ended 30 June 2007 B&P generated restaurant gross profit of £3.9m, an increase of 12% on the previous year. The sale price consists of £26.4m in cash and £5.6m for the repayment of existing debt within B&P.

TRG has extended its borrowing facility from £80m to £100m and rolled over until April 2009.

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