Tue, 10 Aug 2010 | BUSINESS SALE
Penta Capital, the private equity owner of gastro pup operator Geronimo Inns, is considering putting the business up for sale.
According to reports, Penta has hired one of the 'big 4' accountants PricewaterhouseCoopers to review Geronimo ahead of putting it onto the market.
Penta took a controlling stake in the company in 2006. It now has 28 sites. It has reportedly asked PwC to look at a range of options including the sale of a smaller stake.
But there is confusion over whether the sale will go ahead. A spokeswoman for Geronimo played down the likelihood of a sale and said that PwC had been asked to look at pub acquisitions and was examining a whole range of options to raise finance.
However, more senior sources close to the company and its owner Penta confirmed that the move was most likely to result in a sale. "It is a strategic review and a sale is definitely an option,” said one source.
The London-based pubs have traded well throughout the recession. As a result, there has been much discussion on a suitable price for the business. Industry experts have suggested that £30 million might be reasonable.
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