Speciality Restaurants eyes acquisitions
Speciality Restaurants, popular for its fine dining restaurant chains like Mainland China and Oh! Calcutta, is eyeing acquisitions to expand its cuisine portfolio and increase its presence across the country, reports Ruchi Hajela.business Updated: Apr 14, 2009 23:19 IST
Speciality Restaurants, popular for its fine dining restaurant chains like Mainland China and Oh! Calcutta, is eyeing acquisitions to expand its cuisine portfolio and increase its presence across the country.
The company has set aside Rs 250 crore to fulfill its ambitious plans and has initiated talks with a few players.
“We are looking at chains with a national presence that are not in the best of health and that will help us expand our cuisine categories,” Anjan Chatterjee, chairman and managing director at Speciality Restaurants Pvt Ltd, told Hindustan Times. “We expect to close a deal in three to four months.”
This comes amidst speculation that Speciality Restaurants could be amongst potential suitors to buy a stake in Chinese fast food chain Yo! China owned by Moods Hospitality, which is said to be looking for buyers.
Early last year, owner Chatterjee had diluted 20 per cent of his company’s stake to Asian private equity firm SAIF Partners for Rs 90 crore, valuing the company at Rs 450 crore.
Speciality Restaurants, with 50 outlets nationwide, plans to add another 20 outlets through both franchise and company owned routes by the end of March 2010 and expects to generate employment for up to 800 people. “We will not enter malls as the rentals are high,” said Chatterjee.
The company had a turnover of Rs 200 crore at the end of March 31 this year and expects to generate close to Rs 275 crore through organic growth alone by the end of financial year 2010.