Two former PizzaExpress directors have created a new company to snap up and expand three restaurant brands after it floats on the Alternative Investment Market next month.
David Page and Paul Campbell, who were chief executive and finance director at PizzaExpress until it was acquired by GondolaExpress earlier this year, are the masterminds behind the Clapham House Group.
Page said Clapham House was looking to buy three brands offering different national cuisines. "We are interested in anything popular with the public - anything that has a queue outside the door." This included the burger, meze, noodles, tapas, New World, Greek and Indian sectors, he said.
After talking to "lots of people over lots of lunches", Page said he had compiled a list of 15 companies that operate between two and 10 outlets. He plans to target three firms from the top five and hopes to acquire his first brand by January. Industry observers have named Bar Meze Sofra, the Real Greek, the Gourmet Burger Company and Masala Zone as potential targets.
The gameplan is to expand the three brands to about 25 branches over the next four or five years. The first restaurants will be in London or within the M25, and new outlets will remain south of Oxford during this period to maintain managerial control.
The management team and four key institutional investors have raised £6m, and £9m is pledged by other backers. Page said he could have raised up to £40m from interested parties but the new company, as a Venture Capital Trust firm, has a £15m ceiling.