Bistro Chain Purchase is recipe for North East Success
Date: 22-11-2005
A local businessman has acquired a restaurant chain in the Midlands with the help of RHK’s corporate finance team and Watson Burton law firm.
from left to right: Paul Lilley (The Shire Group), Tony Edwards (RHK), Michael Cantwell (RHK),
Robin Adams (Watson Burton) and Gillian Hall (Watson Burton)
Paul Lilley was formerly Group Finance Director (Operations) with a private national leisure group. In April 2003, he was a key member in the company’s acquisition of a PLC restaurant chain, later spending 12 months as Managing Director-Designate of that company, integrating it and providing a sound footing for expansion, with a number of new sites now under development.
Having gained valuable experience and a taste for the sector, Paul decided that it was time to strike out on his own and acquire his own restaurants. He enlisted the professional services of RHK’s corporate finance team and Watson Burton lawyers to help him achieve his goal.
Paul established The Shire Group Limited as the vehicle with which to make a share purchase of The Pastiche Bistro chain from private ownership. The Shire Group’s Head Office will be based in the North East.
Pastiche Bistro operates nine restaurants in Stafford and Lichfield, Hanley, Bath, Cannock, Tamworth, York, Burton and Crewe. Pastiche menus offer great value modern European cuisine, and include traditional English dishes as well as recipes from China, Italy and Europe.
Barclays Birmingham office, fronted by Relationship Director Geoff Newton, helped finance the deal and ongoing working capital facility.
Paul said: “I’m delighted that the transaction has completed. I’m now looking forward to the hard work of making a continued success of the business. As far as I’m concerned, this is hopefully only the beginning, and I already have my sights set on further acquisitions by The Shire Group.”
Tony Edwards, Corporate Finance Partner at RHK: “Paul has gained significant experience in the sector in recent years, is a very talented individual, and has a terrific work ethic. The Shire Group will go from strength to strength. Indeed, we are already working with Paul on a further two acquisition opportunities. We are looking forward to a long and fruitful relationship with The Shire Group.”
Watson Burton’s legal team was led by head of corporate law, partner Gillian Hall. She said: “This is an excellent acquisition for the Shire Group. I am delighted we were able to complete the deal cost-effectively and speedily. It means Paul can move forward with his plans to expand the business. His decision to seek advice from north east professionals for this Midlands-based purchase illustrates the strength and quality of local legal and financial expertise.”
Click here to take a look at our Corporate Finance deal summary.
RHK are registered by the Institute of Chartered Accountants in England and Wales to carry out company audit work. RHK Corporate Finance LLP is registered in England and Wales as a Limited Liaibility Partnership (Registered No. OC308294)
