Sun Capital Partners, Hugh Osmond’s private equity vehicle, is reported to have bought the Strada chain of Italian restaurants in a £37m deal.
Strada is a group of contemporary Italian restaurants serving simple, freshly prepared dishes using the finest seasonal produce. The menu offers hand stretched pizzas, fresh pastas, salads, risotti and grilled meat and fish dishes.
Osmond is the entrepreneur who was behind Pizza Express (with Luke Johnson), before moving on to create Punch Taverns and the life insurance group Pearl, amongst other initiatives.
City A.M. quotes Osmond as saying that said his plan for Strada involves expanding the number of restaurants in the group as well as transforming Strada from a restaurant into an all-day cafe for customers;
“The market has polarised and people go to restaurants to eat and go to Starbucks or Costa to have coffee. That seems wrong to me, and if we get the restaurants right Strada has absolutely brilliant spaces in brilliant locations on great high streets… these should be places people go to hang out, have a coffee, use the wifi and have their lunch or dinner, but more than anything to feel comfortable in.
“For us, it will be a story of investment and expansion. The menu will be seriously updated. The quality of ingredients and food will be dramatically improved. And there will be a major investment in the premises, giving a very different ambience,” he said.
Strada’s existing management team will continue to operate the business whilst Sun Capital will look to recruit and expand the restaurant’s estate.
The deal leaves Tragus with around 200 restaurants under its Cafe Rouge and Bella Italia brands.