David Page's Clapham House Group has bought the Real Greek Food Company in a deal that will earn founders and owners, Theodore Kyriakou, Paloma Campbell and Mark Yates, up to £8.8m.
Page, former chief executive of PizzaExpress, bought the group of three London restaurants - the Real Greek in Hoxton, the Real Greek Mezedopolio next door and the Souvlaki & Bar in Clerkenwell - for an initial payout of £363,000 last month, although the owners could earn significantly more depending on future profits.
The existing management team will stay on to oversee the day-to-day management of the business, while Paul Campbell and David Page of the Clapham House Group will join the board of the Real Greek.
Page has also said he will loan the Real Greek up to £1.6m to fund further expansion of the group.
This is the first acquisition for the Clapham House vehicle, which was floated on AIM last November.
For the year to 30 September 2003, the Real Greek had earnings before interest, tax, depreciation and amortisation of £216,000 and net assets of £122,000.