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Real-Time news about Carluccio's (London Stock Exchange): 0 recent articles
|dnfa1975: May 5, 2009
Carluccio's shares jump 25% on bid approach
Shares of Carluccio's, the Italian deli-dining operator, jumped by 25 per cent in early trading as the company confirmed that it had received a bid approach from an unnamed suitor.
City sources suggested the approach had come from a private equity firm seeking to take advantage of the group's depressed share price, with analysts citing a likely bid level of 110p to 120p a share.
Many of the country's best-known chains are already in private equity hands, with Blackstone's Tragus Group owning the Café Rouge and Strada brands, and Cinven's Gondola Group running the PizzaExpress and ASK chains.
Both Blackstone and Cinven were last night being cited as possible suitors for Carluccio's.
Richard Caring, the millionaire clothing and leisure entrepreneur who has built up a 12 per cent stake, is tipped as a possible counterbidder in the event of a firm offer.
Mr Caring, who owns such London eateries as The Ivy and Le Caprice and the fledgeling Côte chain of French bistros, is known to have previously considered bidding for Carluccio's.
The shares, already buoyed by speculation, initially leapt to 98.5p, up 25 per cent, valuing the business at about £57 million, later falling back to close at 92.5p, up almost 18 per cent.
In a Stock Exchange statement, it said: "The board notes the recent movement in its share price and announces that it has received a preliminary bid approach. This preliminary approach may or may not lead to an offer being made for the company."
Analysts said that any offer would have to be pitched closer to 150p to be considered, given that the company is cash-positive and still has huge development potential.
Deja vu? 150p would do nicely :0)|
|westcoastrich: It is not clear how likely Hutton Collins is to press ahead with its interest. The share-price rise may have made it harder to put a formal offer together.
Dont sound promising!|
|utterly pointless: From The Sunday Times:
Carluccio's mystery bidder revealed
AN investment firm that has previously backed both Pizza Express and Loch Fyne fish restaurants is the mystery bidder for Carluccio's, the chain of Italian eateries.
Hutton Collins has been working on plans to take AIM-listed Carluccio's private for several weeks. This month the chain, founded by chef Antonio Carluccio, confirmed to the stock exchange that it had received an approach but declined to name its suitor.
A successful bid would end its brief life as a public company. The chain was founded in 1991 when Carluccio and his wife Priscilla opened a delicatessen next door to their Neal Street Restaurant in central London. It proved a hit and the couple began opening further sites. Today there are about 40 outlets in the UK.
The company floated in 2005, allowing the couple to sell their stake for about £11m. Today, the chef has no involvement in the day-to-day running of the firm, but advises on menu development and helps with marketing.
* Approach for Carluccio's feeds life into sector
* Carluccio's shares jump 25% on bid approach
Shares in Carluccio's have risen more than 20% since the bid approach was announced, closing at 97p on Friday, just above its float price. That values the group at £55.7m.
It is not clear how likely Hutton Collins is to press ahead with its interest. The share-price rise may have made it harder to put a formal offer together.
Carluccio's is due to present half-year results on Tuesday. KBC Peel Hunt, the broker, expects half-year profits to fall to £2.1m from £2.7m last year.
Neither Carluccio's or Hutton Collins would comment.|
|silverfern: well done to patient holders. As to sell price, realism will rule right now. THey will buying the name ie reputation and the locations but trading remains very difficult and of course financing the deal will have a cost. Anything over £1 will mean an 70-80% premum on the ave share price since Jan.|
|utterly pointless: From the FT
Carluccio's is on the menu for takeover
By Pan Kwan Yuk and Neil Hume
Published: May 6 2009 03:00 | Last updated: May 6 2009 03:00
Shares in Carluccio's rose strongly yesterday after the Italian restaurant chain said it had received a preliminary approach from an unnamed suitor.
Market speculation last night was that the approach was from a private equity group, although Richard Caring, the restaurateur who owns landmark London dining spots such as the Ivy and Le Caprice and is a major shareholder in Carluccio's with a 12 per cent stake, has also been tipped as a possible suitor.
Carluccio's, which is being advised by Hawkpoint Partners, said in a statement that there was no certainty that an offer would be made.
However, the shares, which have gained nearly 35 per cent since the start of April, rose another 18 per cent, or 14p, to 92½p.
The current share price, which is still some way off the high of 231p achieved in 2007, gives the company a market value of about £52m.
Douglas Jack, an analyst at Numis Securities, said in a note that a likely bid price could be between 110p and 120p a share, or 9 to 10 times earnings before interest, tax, depreciation and amortisation.
"The restaurant sector could be vulnerable to a round of consolidation, given better than expected trading conditions, historically low valuations and government fiscal and monetary efforts to inflate the economy," he said.
Carluccio's, which has 42 outlets and this year opened its second overseas restaurant, in Dubai, appeared to be weathering the pull-back in consumer spending better than many of its rivals.
"It's a highly regarded business," said one restaurant industry adviser. "It trades all day and has a low average spend per head. Plus, it has no debt."
In its most recent trading update in April, Carluccio's announced a 14 per cent rise in half-year sales, in spite of the economic downturn.
However, because management does not give like-for-like sales figures, it is not clear how much of the growth was driven by new restaurant openings rather than by organic growth.
Pre-tax profit for the year ending in September was up 14 per cent at £5.6m, on revenue that rose 20 per cent to £64.1m.
The first Carluccio's was opened in 1999 and took the name of Antonio Carluccio, a restaurateur from Campania in southern Italy, who has since stepped down as a consultant to the company.
Lombard, Page 18|
|jazza: With the Daily Mail running a front-page recently announcing that food prices are falling back....and with share prices in the gutter, is it not worth revisiting the likes of CARL & CPH...personally I'm more likely to eat at £12 a head than previously and much less likely to eat (elsewhere) at up to £50 a head.
Are people trading down or just not eating out full stop.....personally see some mileage in the former...which makes the mcap/share price look a little silly.
|rnicolson: Interesting article in Retail Bulletin:
Although the article was written a month ago, trading still seems strong at Carluccios. From my personal observations both the Brunswick Square and Covent Garden branches seem to be doing very well at lunchtimes and evenings.
My office is only 5 minutes from the new St Pancras station and I predict the new restaurant in the station will do extremely well and not just from the custom of rail passengers. There is currently a lack of good restaurants in the Kings Cross/ St Pancras area.
The only reservation I have about the current business model is the opening of the cafes so early in the morning, especially during the winter months. Whenever I hurry past them on the way to the office in central Londonat about 8.30 in the morning, the numbers of staff frequently outnumber the number of customers. Are they actually making much profit at this time of the day?
I took the opportunity during the current share price decline to add to my holding yesterday.|
Our view: Hold
Share price: 195p
Antonio Carluccio may no longer have much role in the day-to-day running of the eaterie that bears his name, but the brand continues to expand and produce encouraging results.
Most of its venues are located in or around London and cater for affluent professionals looking for something a little different to the average pizza parlour. Opening hours also give the group an advantage over its rivals, with its restaurants generally serving 8am until 11pm, meaning that in certain venues Carluccio's is full most of the day.
Each venue in the 30-strong chain also boasts a delicatessen selling upmarket specialities, for example, olive oil at £20 a bottle, boosting revenues. But even for City types, it is probably a place for gift-buying rather than the weekly family shop.
Adjusted half-year pre-tax profits jumped 28 per cent to £2.5m on a 20 per cent hike in turnover to £25.9m and a maiden dividend of 0.6p a share is to be paid in June. Six new locations were opened during the first half and there is plenty of scope to expand the group outside London.
Carluccio's remains a strong brand with good potential, and private equity has shown plenty of interest in restaurant assets. However, the roll-out of new sites is not happening as quickly as the City wants and investors should question whether the stock still deserves to trade at a premium to its peers. The shares have performed strongly since coming to the market but have lost some momentum and for now the upside looks priced in. Hold.
|silverfern: A decent enough statement. The turnover growth pretty much mirrors new store openings and these in time will drive growth. The share price reflects IMHO the current position - ie growth of over 50% delivered since floating and share rice doubling.|
|quepassa: INTERESTING PRESS ARTICLE.
In the edition of 2nd July, The Sunday Times reported that the highly regarded private equity firm of TDR Capital has just raised a further Euro 1.75bn / £1.2bn fund.
The reason that this should be of interest to share-holders of Carluccio's is , imo, because TDR Capital were behind the purchase of the Pizza Express chain and the Ask pizza chain.
Perhaps this was a factor in yesterday's share price movement.
Either way, it is good to know and good support for the Carluccio's share price that there is a major investment fund out there with a mighty cheque-book which has made significant acquisitions in the same/similar sector.|
Carluccio's share price data is direct from the London Stock Exchange