Management offer for Giardino group
The Alternative Investment Market-listed Giardino group, which operates 57 cafés and restaurants under the Café Giardino, Pellini, Auberge and Azzuro names, has received a preliminary offer from some members of the management team.
Chairman John Moxon said any offer would be made in cash at no more than 80p per share, and that the preliminary offer depended on a number of significant pre-conditions and funding arrangements being in place. Giardino's 20.4 million shares were trading at 69.5p each on Monday.
The offer was revealed within the company's interim figures for the six months to 31 July. Moxon said the warm weather had adversely hit its restaurants in shopping malls, but had helped those in London as many benefited from outside seating.
Sales increased by 2.8% from £12m to £12.4m. Pre-tax profits clocked in at £603,000, slightly up from the £569,000 profit recorded in the first half of 2002 before impairment provisions and the dividend payment resulted in a £2.4m loss.
Ivell to stand down at S&N Retail
Bob Ivell will quit his role as chairman and managing director of Scottish & Newcastle Retail once its sale to Spirit Amber is completed next month.
Ivell, 51, will then help integrate the division of 1,406 managed pubs, restaurants and budget hotels into the expanded Spirit Group under current chief executive Karen Jones.
The £2.5b sale, which was agreed earlier this month, will go ahead if S&N shareholders approve the transaction at an extraordinary general meeting on 29 October.
Ivell has clocked up 26 years in the industry, including stints at Grand Metropolitan Hotels and Whitbread. He joined S&N in 1992 as managing director of restaurants and development, rising to managing director in 1999 and chairman in 2001.
Square Pie deal at Selfridges
The Square Pie Company has won a concession in Selfridges Food Hall.
Martin Dewey, creator of the Square Pie Company, says the deal was signed last week and the new stand, the business's second outlet, will be launched on 6 November.
"I expect the new outlet to expand company sales by 100% or more," he said. "From being a small outlet in Spitalfields, we are now placed next to Yo! Sushi in Selfridges and the profits we expect to make will fund expansion of our kitchen."
Last month Square Pie also won a deal to supply Upper Class departure lounges at Virgin Atlantic.