The UK-based private equity firm Epiris has completed the acquisition of the Casual Dining Group (CDG). The former operator of Las Iguanas, Bella Italia and Cafe Rouge is now called The Big Table.
Epiris, which previously invested in TGI Friday's and Parkdean Resorts, is supporting the former CDG management team led by Chief Executive James Spragg. The acquisition preserves 4,000 jobs across the UK and more than 150 restaurants. In early July 2020, CDG filed for insolvency.
Before Covid-19, according to Epris, the Casual Dining Group was one of the largest restaurant groups in the UK with 250 locations. The Big Table will continue to build on this experience while focusing on a smaller, more profitable portfolio. The Group plans to reopen as many units as possible in August - in time to support the UK government's national Eat Out To Help Out initiative.
According to media reports, Epiris invested £43 million in the former CDG business. This figure is expected to include a substantial cash commitment over the next twelve months to address the Covid 19 impact.