RCapital agrees to take on 193 Little Chefs
03/01/2007 23:30
LONDON (Reuters) - RCapital, which tries to turn around troubled businesses, said on Wednesday it had agreed a deal to take control of 193 of Little Chef roadside restaurants while another 37 will close.
London-based private equity firm RCapital said in a statement the deal followed agreements with Little Chef’s major landlords, Travelodge and Arazim. It did not say how much it would pay for the eating stops.
“There is already a quality operational team headed by Simon Heath. But up until today due to financial constraints, they have effectively been working with their hands tied behind their backs,” RCapital said.
Entrepreneurs Heath and Lawrence Wosskow bought Little Chef for 52 million pounds in October 2005 from private equity group Permira.
“This is a British icon which has, despite its chequered past, maintained a level of brand integrity. Albeit out of date, the roots of its offer remain relevant and it clearly has a future in today’s market place,” Heath said in the statement.
Being an old cynic, is there a clue in the first line?
which tries to turn around troubled businesses,
Or is it a case of training crews no longer stopping at ‘butty’ vans for the obligatory ‘brew’.
Which reminds me. Going on holiday a couple of weeks ago we stopped at the Little Chef at Lee Mills (?). On the A38 just short of Plymouth. Normally, we just go up the slip road and continue to the ‘butty’ van, but on this occasion, we decided to dine in (relative) comfort.
The service was atrocious. We waited an absolute age to be seated, and the arrival of the meal wasn’t much quicker. The female waitress didn’t seem to be able to operate the till without constant assistance from the cook, who appeared to be the manager, and the other waiter seemed totally ‘racked off’ but remained polite.
Neither was I impressed with, when the place was less than half full, being seated at Table 1, when Table 2 was already occupied, hence I had to play ‘juggle the chairs’ with the person behind me.
Next time, it’ll be back to the ‘butty’ van.