D&D London undergoes management buyout to help further restaurant expansion
The deal, which buys out investments made by Conran Holdings and private equity investors Caird Capital, will enable the 32-strong restaurant, bar and hotel group to continue its expansion in the UK and abroad, according to chairman and chief executive Des Gunewardena.
“This is an important point in the development of D&D. We’ve had a very exciting year with a number of new restaurant openings and the launch of our first hotel. And, despite the continuing fragile economy, we will report another year of growth in turnover and profits,” he said.
“Our new partnership with LDC will enable us to continue to invest in our restaurants and in growing D&D in the UK and internationally. I’m confident that Daniel and his team at LDC will be excellent partners for us going forward.”
'Global potential'
Gunewardena and managing director David Loewi will continue to run the business with directors from LDC, which is backed by Lloyds Banking Group, replacing those from Conran Holdings and Caird Capital.
Daniel Sasaki of LDC said: “D&D London has demonstrated a fantastic ability to create enduring premium restaurant concepts and many of its outlets are regarded as among the world’s most famous restaurants. We are delighted to be backing Des and David, who lead an outstanding management team, to further enhance D&D’s growth and performance through investing in the group’s current portfolio while also opening new sites.
"With its iconic restaurants and diversification into hotels, D&D has an exciting strategy and we look forward to helping the group unlock its global potential.”
Last month, D&D London opened Crafthouse and Angelica in Leeds at the Trinity Leeds Shopping Centre, the company's first restaurants in the UK outside London. The openings followed a flurry of openings in the capital at the end of last year, including the Old Bengal Warehouse and South Place hotel, the company's first hotel.
