Bella Italia owner in talks over sale that could save 6,000 jobs
The owner of high street restaurant chains Bella Italia and Cafe Rouge is in talks with multiple parties over a potential sale of the business, just days after it seemed to be on the brink of collapse.
The development, which was first reported by the Telegraph, comes after the Casual Dining Group, which also owns Las Iguanas, filed to appoint administrators at the beginning of last week, threatening up to 6,000 jobs.
A spokesperson for the group confirmed that a sale process was being explored, saying:
“While in the protective period following the filing of our NOI, Casual Dining Group has received strong expressions of interest from interested parties, both trade buyers and investors, regarding a potential sale of the business.
“This is one of a number of options that we are considering as we formulate a plan for the company”, they added.
It is understood that a pre-pack sale is among the options being considered for the sale.
Last week Casual Dining Group said that it was working with advisers at consultancy firm Alix Partners over a potential restructuring to shore up its finances.
The firm had previously attempted to mitigate wider difficulties in the sector by reducing its restaurant count from 300 to 250 and selling off Spanish tapas chain La Tasca.
But alongside other restaurants the company has been plunged into crisis after UK eateries were forced to close their doors in March as part of the coronavirus lockdown.
Despite moves now being taken to reopen much of the economy, with non-essential retailers to be allowed to open from 15 June, much of the hospitality sector will not be permitted to restart until July at the earliest.