Carluccio's takeover deal declared unconditional

Landmark's £90m takeover deal of Italian restaurant chain Carluccio's has been declared unconditional.

In effect it means that Dubai-based Landmark's bid has been successful, and that Caprice Holdings owner and major shareholder Richard Caring has chosen not to oppose the move.

Landmark, which holds the franchise for Carluccio's in the Middle East, currently has 74.6% of the issued share capital in the company. It plans to delist Carluccio's from the Alternative Investment Market once 90% is reached.

Industry commentators said the deal at the start of September had single-handedly turned the restaurant deals market on its head, with operators changing their expectations of the value of their businesses overnight as a consequence.

Carluccio's management team, including chief executive Simon Kossoff and chairman Stephen Gee, are to be kept on following the takeover.

Post recession scramble reignites restaurant deal activity >>

Carluccio's agrees to £90.3m takeover offer from Landmark >>

By Chris Druce

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