Image Restaurants ("Image") today announces that it has acquired the prestigious London restaurant groups - Mirror Image Restaurants plc and Moving Image Restaurants plc. Image also announces that it raised new equity financing.
This transaction was implemented in order to simplify the group holding structure and to inject some money into the merged entity. The Avenue, Circus, East@West, Kensington Place, Launceston Place consequently are now all amalgamated to form Image.
ARC Associates ("ARC"), a specialist investment banking and advisory firm to the TMT, financial services and property sectors, acted as a financial advisor to Image Restaurants for this transaction.
Commenting on this transaction, Christopher Bodker, the Chief Executive of the companies, "The transaction was designed to rationalise a cumbersome share and corporate structure. ARC were instrumental in driving the transaction through to completion. This was made difficult by a Takeover Panel requirement that, notwithstanding a common ownership base, the Offeror and both the Offerees were required to appoint Rule 3 advisers. ARC acted for the Offeror and dealt closely with not only the other Rule 3 advisers but also accounting, legal and tax professionals."
ARC Associates is a specialist investment banking and advisory firm to the telecommunications, media, technology, financial services and property sectors.
Contact:
John Allen, Chairman
ARC Associates
+ 44 (0) 20 7614 4000