Nando’s Group, the fast-casual Portuguese chicken restaurant chain, has acquired Gourmet Burger Kitchen owner Clapham House in a £30.4m deal.
Capricorn Ventures, the private equity backer of Nando’s, has agreed a recommended cash offer for the company, worth 74p per share.
The backer, which already owned 27 per cent of Clapham House, said the group’s recently reported volatile trading performance prompted it to make an offer.
In a statement to the stock exchange, Nando’s said: “Clapham House's businesses continue to face uncertainty in terms of the UK's economic and consumer outlook and trading conditions remain challenging.
“The pressures on UK consumers continue to build and this is likely to increase with the scheduled rise in VAT in January 2011. Week on week trading is volatile and price discounting within the sector has been prevalent post FIFA World Cup 2010 and looks set to stay for the foreseeable future.”
Nando’s added that the GBK and Real Greek brands would need “significant investment and time” to reinvigorate the businesses.
GBK has 53 UK restaurants with 14 abroad, while the Real Greek currently operates six sites.