CatererSearch Web Site - February 24, 2006
Little Chef has sold 65 sites to an Israeli property investor in a £60.3m sale-and-leaseback deal. Arazim Investment, a £100m company listed on the Tel Aviv stock exchange, completed the purchase earlier this week. The deal included a 56-bedroom hotel operated by Little Chef at Pontefract on the A1 in West Yorkshire. None of the properties are co-located on Travelodge sites and are spread as far apart as Scotland and the South-west of England.
Little Chef owner Lawrence Wosskow said: "The money will enable us to continue the roll-out of our new Coffee Tempo cafe brand and modernise existing Little Chef sites." The sites, nine of which have a Burger King franchise, were chosen because they were freehold or long-lease deals. The leaseback deals are for 35 years. The deal was handled by Coffer Corporate Leisure, the newly-founded leisure mergers and acquisitions vehicle of Davis Coffer Lyons.
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Friday, February 24, 2006
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