Richard Caring nets millions as he sells stake in Cote restaurant chain
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Thursday 12 September 2013
Richard Caring, the millionaire restaurants, rag trade and property entrepreneur, today sold his 51% stake in the Côte restaurants chain in a move netting him millions of pounds in profit.
Caring was one of a quartet of entrepreneurs who founded the brasserie-style chain, with its first bistro opening in Wimbledon in 2007. Today they sold the business for £100 million to the private equity firm CBPE. Caring and restaurant industry veterans Andy Bassadone, Chris Benians and Nick Fiddler are now focusing on building up their latest café concept, Bill’s, having worked together on Belgo, Strada, Le Caprice and The Ivy.
Caring is selling all of his 51% stake while the others will retain some of their holdings. CBPE is backing the management team led by Harald Samuelsson and Cordon Bleu-trained chef Alex Scrimgeour to expand the 45-strong chain.
Caring has attempted twice before to sell the business but this time negotiations with CBPE partner Ian Moore made it over the finishing line.
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