6 July 2020
American hedge fund, Elliot Advisors plots a takeover of Casual Dining Group (CDG).
CDG collapsed into administration just last week, with administrators, Alix Partners, seeking a buyer for its rescue. Elliott Advisers joins the small number of investors of which are bidding to buy the group wholly or by individual parts.
1 July 2020
Aurelius Equity Opportunities has made an offer to buy Café Rouge and Bella Italia, two brands owned by Casual Dining Group (CDG).
Endless has put an offer in to buy Las Iguanas, another CDG owned brand. Private equity firm, Trispan, has also submitted an offer for the chain.
Aurelius have had interest in the casual dining sector before as it came close to buying the chain set up by Jamie Oliver before it collapsed last year.
AlixPartners are advising the group on the process.
Casual Dining Group has filed and subsequently extended a notice of intention to appoint administrators. A source says interest has been received in a takeover of the whole group.
CDG is one of the UK’s largest restaurant operators. It trades from around 250 outlets and employs about 6,000 people.
CDG current has more than 100 sites for its Bella Italia brand and roughly 60 for Las Iguanas and Café Rouge restaurants apiece.
This all comes at a tricky time for the sector, with hundreds of thousands of jobs at risk due to the pandemic, as well as many stores fearing when they can re-open again, viably, due to social distancing measures in place.