Capital Radio has sold off the majority of its restaurant portfolio, raising £11.05 million for the radio group. Following the completion of the sale, Capital is to completely close down its Restaurants Division.
The group’s seven Latin restaurants have been acquired by SFI Group for £9.45 million cash. The two Paris restaurants, Chicago Pizza Pie Factory and Chicago Meatpackers, have been sold to French restaurant group, Groupe Bertrand Holdings SA, for £1.6 million. Capital is retaining its themed Radio Cafes as an integral part of the radio business.
David Mansfield, group chief executive, says: “Over the past two years we have rationalised the restaurant portfolio, building two strongly branded concepts. Our decision to sell the Latin Brands and Paris restaurants, and close our restaurant division, reflects our commitment to concentrate solely on our radio business. The four Radio Cafes will continue to play an important part in our marketing drive to increase listenership.”
Capital Radio: 0171 766 6000
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