Italian restaurant empire unveils flotation plan
Celebrity chef Antonio Carluccio and his wife Priscilla were set for a multi-million pound windfall today with a British stock market flotation of their Italian restaurant and shops empire.
Carluccio’s confirmed it was seeking admission to London’s Alternative Investment Market in December with a value thought to be around £50m (€73m) to £55m (€81m).
Mr and Mrs Carluccio – who opened their first restaurant in Covent Garden 33 years ago and set up the Carluccio’s chain in 1999 – look on course to make almost £10m (€14.7m) from the flotation as they reduce their slice of the company from 20% to 3%.
The move, which has been rumoured since the summer, follows the successful admission to the stock market of La Tasca in February and the recently proposed flotation of Pizza Express owner Gondola.
Carluccio’s already has 22 “caffes” – restaurants and shops under one roof - and today announced the launch of two more in Reading, Berkshire, and Westbourne Grove, London.
The company said it planned further expansion following the flotation.
The sites, which are open from 8am to midnight, offer customers the chance to eat and drink in the Italian restaurant as well as shop for Italian food.
Television chef Jamie Oliver used to be head pastry chef at Carluccio’s Neal Street Restaurant in London.
Carluccio’s finance director Frank Bandura said: “Post-flotation we are planning more of the same in terms of further expansion.
“We think we have built a unique offering which trades all day and gives customers opportunities they don’t get anywhere else.”
The Carluccio family will step down from the board when the company floats and will act as consultants on a part-time basis.
Mr Carluccio will be the public face of the company and develop the menu while Mrs Carluccio will advise n the retail brand.
Other shareholders include managing director Simon Kossoff with an 8.5% stake and chairman Stephen Gee with around 5%. They will form part of the new management team. The new board will own 20% of the company following the flotation.
Mr Kossoff said admission to the stock market would raise the company’s profile and help with the planned roll-out of Carluccio’s caffes.
Mr Gee added: “We are committed to developing the Carluccio’s brand. We are passionate about the food we offer and take care to provide our customers with an authentic and enjoyable experience when they dine or shop in our caffes.”
