The owner of some of London’s most celebrated dining destinations including Quaglino’s, Pont de la Tour, Coq d’Argent, and Bluebird Chelsea is set to be sold to new private investors in a £60 million deal.
D&D London, which began life as Conran Restaurants in the early 1990s, will be acquired by Byron Burgers backer Calveton and Breal Capital, best known for buying Vinoteca out of administration.
Current D&D boss David Loewi, who co-founded the company in its current form with former business partner Des Gunewardena in 2007, will remain as CEO and shareholder.
The deal, which is expected to sign this week, will see both Calveton and Breal invest so called “patient” money, which, unlike most institutionally backed private equity funds, does not set precise exit time horizons.
The restructuring will make around £40 million of capital available for investment in new restaurants.
Latest accounts for its parent company Panther Partners show pre-tax losses totalling £56 million over the two years to end September 2021 when the group was badly hit by pandemic lockdowns and restrictions. Although trading has recovered strongly, there have been a series of other setbacks including cost inflation, transport strikes and staff shortages.
A number of D&D sites have been closed this year including Avenue, Radici, Plateau and Haugen in London.
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.”
Sandeep Vyas, founder of Calveton, said, “D&D London’s reputation for quality food and creating memorable experiences is unparalleled. We see immense potential in this partnership and are excited about the business growth ambitions, which we will support wholly as partners. Our shared vision is to preserve the rich heritage and identities of these remarkable restaurants.”
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. 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.”
