Luke Johnson buys majority stake in Ego Restaurants
Johnson, who runs Risk Capital Partners, has made the investment in a personal capacity, having acquired the stake from Lloyds Development Capital, and will work with the existing management team.
The deal follows closely from Johnson's personal acquisition of Feng Sushi, the six-strong London-based sushi chain.
Ego Restaurants will continue to be run by Horler, who previously built the La Tasca chain to 74 units prior to its sale to R20 in 2007. Before that he ran Frankie & Benny’s at The Restaurant Group.
Serial investor
Previous investments in the sector by Johnson include most notably Pizza Express as well as Belgo, Signature Restaurants and Strada. His Risk capital business has current investments in Giraffe and Patisserie Valerie.
Horler, executive chairman, told BigHospitality's sister publication M&C Report , that the deal meant the business would be able to expand and intimated that the group would look at acquisitions, should appropriate opportunities arise.
“This is a real opportunity for us (the management team) to work closely with Luke and to grow the business from where it is now into a much larger company over the next few years," he said. “The combining of our experiences and resources sees us well positioned to explore other opportunities that may arise.”
Johnson said he was “very excited” to be working with a “high class” and proven management team.
Ego's 10 sites are located in the Midlands and the North West – in Bramhall, Heswell, Kenilworth, Lichfield, Leeds, Liverpool, Lytham, Manchester, Sheffield and Stockton Heath. The chain has annual sales of £8m.
Mark Stretton is editor of BigHospitality's sister publication, M&C Report.
