Shire snatch Smollensky's in £10m deal
London restaurant chain Smollensky's has been bought in a deal estimated to be worth £10 million.
The Shire Group, a north-east restaurant business, forked out the sum with funding from Alliance & Leicester Commercial Bank.
Shire already operates the Pastiche and Le Frog restaurant chains and the latest acquisition will see business expand to a turnover of more than £14 million.
Smollensky's is a popular venue for office parties and birthday outings, with its prime locations in areas including the Strand and Canary Wharf.
Paul Lilley, managing director of the Shire Group, said: "The brand is associated with a high quality bistro experience.
"The strong management, excellent service and discipline we have brought to our other restaurant businesses will ensure the established name will continue to thrive in a new era of ever-increasing competition."
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