Lloyds Development Capital, the private equity arm of Lloyds Banking Group, is reported to be leading the competition in seeking to acquire Sir Terence Conran’s 51% stake in D&D, together with the 18% held by Caird Capital. The remaining 31% was acquired by management through the MBO in 2006, and is expected to be retained under any acquisition.
D&D operates famous establishments such as Coq d’Argent and the Grand Cafe at the Royal Exchange, but has been active with openings recently: The Old Bengal Warehouse off Bishopsgate in the City of London opened in September.
The South Place Hotel, also in the City, opened in October and is thought to be a model for further expansion by combining boutique hotel with restaurant.
Any acquisition would provide fresh investment for expansion, both in the UK and overseas.
