Paramount restructures

By Stefan Chomka

- Last updated on GMT

Related tags: Investment, Finance, Management

Paramount restructures
The Chez Gerard owner announces a financial restructuring of the business following private equity owner Silverfleet Capital's sale of its entire interest in the company to its existing lenders

Chez Gerard owner Paramount Restaurants has announced a financial restructuring of the business following private equity owner Silverfleet Capital’s sale of its entire interest in the company to the business’s existing lenders, Royal Bank of Scotland, HSBC, Barclays and Sankaty.

The deal is part of a wider financial restructure, which includes the refurbishment of the restaurant group’s London estate and a brand repositioning, said Paramount chief executive Mark Phillips.

"The financial restructuring means that the new senior management team, who have been appointed over the last 12 months, can now focus all their efforts on the upgrade programme which they commenced last year.

"The restructuring, together with the injection of new money, will provide stability for the group and enable it to continue to invest in its brands and assets. This is a business with real potential,” said Phillips.

Related topics: Business

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