20th June 2008
Dow Schofield Watts LLP has advised on the buyout of Greens (West End) Limited (“GWE”) the high end restaurant business by Daresbury Restaurants
GWE is the owner of high end Green’s Restaurant and Oyster Bar (“Green’s”) based in St James’, London. Founded by Simon Parker Bowles in 1982 Green’s is one of London’s pre-eminent traditional restaurants with an emphasis on high quality service, quality traditional British dishes and in quality fish dishes.
The transaction sees Daresbury Restaurants (Greens) Limited, an acquisition vehicle backed by Lord Daresbury, Simon Parker Bowles, Lord Vestey and management acquire GWE for £1.5m and raise a further £1.5m in development capital with which to rollout an initial two new sites over the next twelve months.
Management’s strategy is to position the St James’ restaurant as the flagship and package the Greens concept into a high end casual dining brand to be rolled out across London and other major UK towns and cities. The new site rollout will be overseen by Mike Glancy and Shane Munroe who join the board from the John Lewis Partnership and Mark Harris who joins from the board of GWE.
Lord Daresbury, Simon Parker Bowles and Lord Vestey all join the board as non-executive directors. Joanne Dodd of Dow Schofield Watts Corporate Debt Advisory LLP joins the board as non-executive finance director.