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Individual Restaurant Company
Sector: Consumer
Deal Type: MBO
Date: Feb '04 - Dec '06
Investment Overview
The Individual Restaurant Company operates a chain of 16 premium restaurants under two key brands – Bar & Grill and Piccolino.
Why we liked it
Gresham provided the capital to fund a site roll-out programme, opening 11 restaurants (10 Piccolinos and 1 Bar & Grill). During our investment, IRC underwent a period of rapid organic growth as we helped it to realise its tremendous growth potential by providing strong strategic and financial support to the management team.
How are we helping?
The business was exited in 2006 through the £41m reverse take-over of an AIM quoted Group.
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Gresham sells Individual Restaurant Company for £41mGresham Private Equity (“Gresham”), the UK mid-market private equity firm, today announces that it has successfully exited Individual Restaurant Company Limited (“IRC”) through the sale of the business to Bank Restaurant Group plc (“Bank”) for a value of up to £41m.Gresham backs Sugar Lounge and Est Est Est founders in £18m buy-out of Individual Restaurant CompanySteven Walker, founder of Manchester's Sugar Lounge bar, together with Derek and Edwina Lilley, founders of the Est Est Est restaurant chain, have today secured a £18m funding package from Gresham and Lloyds TSB to roll out the Bar&Grill and Piccolino restaurants across the UK.
