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Urban Dining Share Discussion Threads
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Down on Aim, shares in Clapham House, the restaurant empire that includes Gourmet Burger Kitchen, The Real Greek and Bombay Bicycle Club, added 4p to 205p as brokers turned positive following last week's 44p a share bid for Urban Dining, the rival firm behind the Tootsies chain. Both KBC Peel Hunt and Numis Securities upped their target prices on the company to 250p.|
|harryhill - no|
|Rumour of the day: GONDOLA HOLDINGS (said to be among ten or so first-round bidders for URBAN DINING|
|Still in this Freddy?|
|Really like their new menu, fresher easier read some lovely dishes!|
|I guess this was already reflected in the decline from 60p to 40p, and no real surprise (see my header message) - at 35p the market cap is £20m and i think I will buy more if the price declines further....for a sale in 24 months - perfect tax timing probably.|
|Urban Dining PLC
13 July 2005
Urban Dining plc
('Urban Dining' or the 'Company')
Urban Dining was established in November 2003 to acquire proven restaurant
brands and development them further. The Company floated on AIM in May 2004 and
in November 2004, the Company acquired Tootsies restaurants following a
fundraising of £29.4 million.
In the Chairman's statement published as part of the Company's preliminary
results on 19 April 2005, it was stated that current trading was progressing
satisfactorily despite a slow start to the year. While trading in Tootsies 16
high street restaurants continues to be satisfactory and in line with the
directors' expectations, the continuing widely reported slowdown in retail
spending has impacted the 8 restaurants located in retail shopping centres.
Consequently, the Company does not expect trading in these shopping centres
sites to meet budgeted revenues in the current financial year.
The Company will open 6 new Tootsies restaurants in the second half of this
financial year. These openings are later than originally planned caused by, in
the majority of cases, delays in the construction and opening of the retail
developments in which they are located. A further 2 restaurants, which were
scheduled to open in the current financial year, will now open in the first half
of 2006. The Company also plans to open an additional 6 Tootsies restaurants
during 2006. The effect of these delays in restaurant openings will have an
adverse impact upon the financial results for the current year, but will not
impact the 'run rate' profitability of the business.
The board believes that the current slowdown in trading in the retail shopping
centre restaurants does not detract from the resilience of the Tootsies brand.
This is evidenced by the continued satisfactory trading in suburban high street
locations and the fact that the brand has been operating successfully since the
early 1970's. The board remains confident that Tootsies can grow to 100 sites
over the next 5 years.
The board believes that considerable synergies can be extracted from the
grouping of 2 or more restaurant brands and consequently discussions with other
restaurant companies continue. The Company is at present ungeared and has
considerable borrowing capacity. It is the board's intention that any future
acquisition will be earnings enhancing and it currently expects that its next
acquisition will be financed predominately through debt. There is no intention
to seek funds from shareholders in respect of any acquisitions currently under
|moving up, looks like the bottom is HISTORY!|
|Bullish piece in the F.T. today about the sector - which is a good indicator of current sentiment i think....|
|In a nutshell, URB (over)paid £31m for 24 Tootsies last year, mainly financed with a placing of 49m shares @60p. The shares rarely trade, presumably because most of the equity is with institutions who view it as a long term hold, and the share price has drifted back to around 40p. The last statement committed the company to opening 8 new units in the near future and other self financed expansion plans. There is negligable debt and shareholders coming in now are paying £718k per (assuming there are now soon to be 32 units) Tootsies instead of the £1.29m the placees paid last year.
Tootsies is an established mid market brand, but imho nothing special to offer. In Belsize Park their unit sits between an exciting hamburger concept unit and Pizza Express, it was the least busy last night. On the other hand it is difficult to see anything wrong with brokers estimates of around 3.8 for the current year and 5p of earnings for the year ending Jan 2007. It is possible that a weakly differentiated mid market concept could suffer in the present consumer slow-down, but this should be weighed against the expansionist and entrepreneurial talents of the management.
All in all it seems a fair bet at these levels over a two year period (10% cgt for AIM)|
|now (see post no 2) 41.5p!(lolololol)|
|Has sean staedy buying .......................Sunday newspaper|
|is n't page an investor too in urban dining?|
|Listed on Wednesday at 60p now 70p not bad 4 2 days.|
|Looks like Urban Dining is following a similar path to that of Clapham House, big guns and even biggers gunners Mr Metcalf and Mr Tomlinson. Share price already looking strong. should be an interesting ride.|
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