D&D: Bluebird Chelsea owner gets £40m boost from new investors
The business behind such popular London haunts as Bluebird Chelsea and Coq d’Argent is set to be bought by investment firm Breal Capital and Byron Burgers chain owner Calveton, as it looks to raise funds following a challenging period for the hospitality sector.
D&D London, which started out as Sir Terence Conran’s Conran Restaurants, said the deal was “imminent” and would value the company at £60m.
As part of the acquisition, co-founder David Loewi will remain as chief and a shareholder in the 40-strong restaurant chain.
The group has maintained that it has been “consistently highly profitable” but warned it had faced challenges in recent years following pandemic lockdowns, transport strikes and inflation.
D&D said the deal would bring a balance sheet recapitalisation of about £40m and this restructuring will give the group “a clear runway for continued success and further growth”.
Loewi said: “We are absolutely delighted to welcome Calveton and Breal Capital into the D&D London family.
“This partnership will provide us with the financial backing and strategic support to accelerate growth both in the UK and internationally.”
It forms part of a string of acquisitions made by Breal Capital having earlier this year snapped up Black Sheep Brewery in Yorkshire, Peckham-based Brick Brewery and Bermondsey-based brewery, Brew by Numbers.
Brent Osborne, founder of Breal, said: “We have always been selective in the opportunities we pursue and recognise that D&D London is a true gem in the world of hospitality.
“We are pleased to be part of this exciting journey and look forward to working closely with David Loewi and the talented team at D&D London to build on their impressive legacy. “
He added: “This acquisition represents a great platform upon which the various restaurants and bars within the group can be taken forward in partnership, delivering long-term sustainable growth.”