Whitbread PLC
25 April 2005
25 April 2005
WHITBREAD TO SELL GERMAN RESTAURANT BUSINESS
Whitbread announced today it has agreed to sell its German restaurant business,
Maredo, to German Equity Partners II LP (a fund advised by ECM Equity Capital
Management GmbH) and Co-Investors Parcom Ventures and Fortis Private Equity for
total proceeds of €35.6 million. This includes a repatriation of capital
prior to the sale. The net asset value is €29 million.
Maredo is the leading German steakhouse brand, consisting of 58 restaurants (54
in Germany and 4 in Austria) with 1880 employees. The current management of the
business will remain with the business post sale.
Maredo was founded 30 years ago and was purchased by Whitbread in 1994.
Alan Parker, Chief Executive, Whitbread PLC commented, 'I announced at the
Business Review in October 2004 our strategy to exit from non-core parts of our
business and made clear our plans to dispose of Maredo. I am delighted we have
been able to achieve this within a short timeframe.
'Whitbread has significantly reshaped itself over the past year and we have a
strong platform to build on in the three sectors of the leisure market where we
have leading positions: budget hotels, restaurants, and health and fitness
clubs'.
The transaction is subject to regulatory clearance in Germany and Austria and is
anticipated to be completed in May. The effect of the transaction on
Whitbread profits is not believed to be material.
Ends
For more information please contact:
Investor Relations:
Dan Waugh, Whitbread PLC +44 (0) 20 7806 5442;
+44 (0) 7799 581763 (m)
Press Contacts:
Anna Glover, Whitbread PLC +44 (0) 1582 396 745
Abigail Langan, Whitbread PLC +44 (0) 7799 347 674
This information is provided by RNS
The company news service from the London Stock Exchange
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