Mon, 22 Oct 2012 | BUSINESS SALE
The French brasserie chain Côte could be up for sale in the near future, with rumours suggesting that the restaurant group could be given a price tag of more than £100 million.
Backed by clothing tycoon Richard Caring, the restaurant group has plans to double its chain of 35 restaurants within three years. Mr Caring is thought to be mulling over the idea of selling some of his stake to a new investor to help bankroll the expansion.
However, there are also some rumours that the company could sell outright after it began negotiations to appoint Hawkpoint, a corporate finance firm, to handle matters after receiving a number of unsolicited takeover offers.
But comments from Harald Samuelson, Côte's joint managing director, suggest that the sale of a stake is more likely rather than a complete changing of hands. Mr Samuelson remarked: “We are not currently exploring a sale. Successful companies regularly receive approaches.”
Côte was founded in 2007 by the same people responsible for Italian restaurant chain Strada, again with backing from Caring. It began with its Wimbledon branch and continued to expand across the south of England and Wales.
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