D&D London agrees to acquisition deal

D&D London, formerly Sir Terence Conran's 'Conran Restaurants', has announced its "imminent" acquisition by Calveton and Breal Capital.

The deal, which is expected to sign this week, will see both firms invest proprietary capital "patient" money, unlike institutionally backed private equity funds with exit time horizons. 

The investment will bring a balance sheet of approximately c£40m recapitalisation, with the restructuring giving the group a clear runway for continued success and further growth.

The group, which operates restaurants and bars across major cities in the UK, Europe and North America, along with South Place Hotel in the City of London, is overseen by chairman of the UK Restaurant Association and co-founder of the company David Loewi. Loewi will remain CEO and shareholder of the company throughout the acquisition process and beyond. 

The business owns a collection of well-known brands including Quaglino's, Madison, Bluebird Chelsea, German Gymnasium, 14 Hills, Coq d'Argent, 20 Stories, Orelle, Queensyard New York and Alcazar Paris, among others. 

Calveton has extensive experience of the consumer industry, having previously worked with Byron Burgers, Barista Coffee, Adelie Foods, Café Nero, PizzaExpress, KFC and Skygourmet. Calveton will help the business develop a high-performance "customer-first" culture and facilitate its international expansion. 

Breal recently acquired Vinoteca and Black Sheep Brewery and has a reputation for bringing operational excellence to businesses.

Simon Wilkinson will join the board as chief advancement officer, bringing 40 years of hospitality experience within five-star hotels, fine dining and branded food concepts.

D&D has consistently proved to be a profitable business, however, as with many in the hospitality sector, the company has met challenges following Covid-19 lockdowns, cost of goods inflation, staff shortage due to Brexit and impact of ongoing industrial action.

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