The Restaurant Group (TRG) announced today that it has sold Caffé Uno to Craftbutton for £33m.
TRG’s directors agreed to sell 53 of the 58 Caffé Uno restaurant sites to concentrate its business in the leisure and concession sector.
In a statement, the group said it was tough to make money from the competitive high street and that spending was becoming more focused on out of town locations with easy parking and access.
TRG chairman Alan Jackson said: “Consistent with the strategy set out in 2002, the sale of Caffé Uno will leave the group streamlined and focused on businesses that have demonstrated good growth.
“Non-high street and well situated locations, with higher barriers to entry, are where the opportunity for future growth lies.”
TRG will now focus its core activities in the leisure and concessions markets.
Craftbutton trades as Paramount restaurants and operates the Chez Gerard, Café Fish, Livebait and Bertorelli’s brands.
Paramount was brought by Craftbutton in May this year.
In 2004, Caffé Uno’s turnover was £36.2m. The deal is expected to be completed by mid-December.
By Emily Manson
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