Clapham House group has sold The Bombay Bicycle Club collection of Indian restaurants and takeaways to Gourmet Restaurants for £4.4m, in order to reduce its on-going bank debt.
Last year the BBC, which comprises of three restaurants, 15 delivery kitchens and net assets of £2.4k, had accrued a £484k loss before tax. Clapham House have said it would like to concentrate on building its other businesses, Gourmet Burger Kitchen, Tootsies and The Real Greek, instead.
Paul Campbell, Chief Executive of Clapham House, said: “Whilst we are sad to see The Bombay Bicycle Club leave our portfolio, it is predominantly a home delivery business with a different pricing point and a longer period for return on capital than our other brands. We believe that at the current time it is appropriate to strengthen our balance sheet and focus resources on our pure restaurant businesses”
The BBC joins Gourmet’s Tiffinbites, and along with their recent acquisition of Vama, Gourmet CEO and Founder Jamal Hirani believes they are now the largest Indian restaurant group in the UK.
"Our company mission is to give diners the opportunity to experience authentic Indian food of the best quality at whatever their price point, and the acquisition today completes the Group`s offering and ensures our presence in all areas of the Indian dining market,” he said.
Along with the Vama restaurant in London and the additional 18 BBC properties, the Gourmet portfolio now stretches to 27, with a further 5 Tiffinbites branches to be launched in the near future.