La Tasca to bolster Laurel

LAUREL PUB Company will soon be back in growth for the first time in two years after Robert Tchenguiz won the bidding war for La Tasca.

The Spanish restaurant and bar chain is set to become a core part of Laurel after an offer of 200p a share from Tchenguiz's R20 and Icelandic bank Kaupthing for the group was accepted by the board last week.

Café Rouge operator Tragus has now conceded defeat in its battle for the chain, with La Tasca recommending its shareholders accept the £104.2m bid for the Manchester-based company. The deal is expected to be completed before the end of June.

Laurel's chairman Ian Payne told The Publican it was "a great deal" for the company, helping to plug a gap for the group, as it currently has no interests in ethnic dining.

"This puts us at number three in the casual dining market, with La Tasca joining Slug and Lettuce and Ha! Ha! Bar & Kitchen," said Payne.

"By the end of June we will have three very strong dining brands. We are all very excited about it and it's great news for everyone in the company. For the first time since the spring of 2005 we are growing again."

La Tasca, which has 58 sites under the main brand, posted pre-tax profits of £2.2m in the six months to October 29 last year. It also owns eight La Vina restaurants and three Sam & Maxie's bar and grills.

Tragus' opening bid of 185p per La Tasca share had originally been agreed by the restaurant chain, but was then met with a counter-bid of 188p from R20, with Tragus subsequently coming in with the higher 192p a share offer.

Signalling his intention not to be outdone, Tchenguiz tabled an improved 200p offer earlier this month and Tragus has decided enough is enough. It is also likely to sell to Tchenguiz the 6.9 per cent stake in La Tasca that it currently owns.