Advised on sale of 11 Tootsies outlets to Giraffe
October 12, 2009
Coffer Corporate Leisure has advised on the sale of 11 Tootsies restaurants to Giraffe Concepts, the restaurant group backed by private equity firms Risk Capital Partners and 3i, after the chain was placed into administration by Clapham House Group.
Giraffe, which is run by founding CEO Russell Joffe and chaired by RCP's Luke Johnson, bought 11 of the 21 Tootsies branded restaurants for a reported consideration of £2.5m.
BDO LLP was appointed as administrator by Clapham House Group, which also operates Gourmet Burger Kitchen and The Real Greek, after a decision to withdraw funding and support for the business. The sale of the sites will preserve approximately 25 full time and over 250 part time jobs.
Giraffe has 25 restaurants nationwide and a further five which are operated through franchise agreements with The Restaurant Group. The group will reportedly continue to operate the sites under a licence for the next few months before rebranding them as Giraffe.