Dubai firm to buy UK food chain for $139 million

Dubai-based firm The Landmark Group has agreed to buy Carluccio's, UK operator of Italian restaurants, in a transaction valuing the company at $139 million - the Bloomberg is reporting.

The first Carluccio's caffè and food store opened in November 1999 and it has expanded to 47 restaurants in the UK, in addition to four franchises (one in Dublin and three in the
Middle East). Carluccio's has been trading on London's AIM since December 2005. For the year ended September 2009, Carluccio's reported profit (on ordinary activities before taxation and impairment costs) was $7.2 million on turnover of $106 million. Net assets at September 2009 were $26.8 million.

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You can read details of the offer on this website.