Mitchells and Butlers in £19.5m deal for Ha Ha's

The Bay Restaurant Group has sold the ha ha bar & grill chain to Mitchells and Butlers
for £19.5m.

Under the deal Mitchells and Butlers will take over all 22 restaurants on 3 October.

Following the sale, Bay will be solely focused on La Tasca, its 70 Spanish tapas restaurants.
McQueen advised Bay Restaurant Company on the ha ha transaction.

Ian Payne, Chairman of Bay Restaurant Company, said: "The sale of ha ha follows a successful and active auction process which we launched in April of this year. As anticipated, there was significant interest in the ha ha brand portfolio and I am delighted to see both the business and all of its employees going to such a good home within the Mitchells and Butlers stable where I have every confidence it will flourish.

"I am pleased that we have successfully achieved an attractive offer for the business which creates value for our shareholders."