Bridgepoint set for Ask and Zizzi deal: Private equity firm Bridgepoint is in exclusive talks to buy Ask Italian and Zizzi in a deal worth circa £225m. Once completed, the acquisition will complete the dismantling of Gondola Holdings, which has already sold PizzaExpress and the Byron burger chain. An announcement is expected as soon as next week. Ask Italian and Zizzi were founded by Adam and Sam Kaye, whose family also has a majority stake in Prezzo. The businesses were sold a decade ago to Gondola, which is owned by buyout firm Cinven, in a deal worth roughly the same amount as the assets are now likely to fetch. Ask Italian has 110 outlets, while Zizzi has 133 sites, with both businesses performing strongly as the UK economy has improved. Average spend per head is £18 and £19 respectively with the two brands employing a combined 5,000 staff members. Gondola has already sold PizzaExpress to Hony Capital, a Chinese investment firm, for £900m and Byron to Hutton Collins for £100m. Of Zizzi, Gondola Holding recent interim report stated: “The brand has now grown to an estate of 133 restaurants which offer customers a fresh and contemporary approach. We’re thrilled that this landmark year also represents a significant evolution of the Zizzi estate with 85% of the portfolio now fully transformed to the ‘Individually Italian’ design. Parallel to this reinvention, customer interest and interaction with the brand has continued to grow with innovative menu development. The evolution of the Zizzi brand is almost complete, with an offer that is well-defined and a customer experience that sets the brand apart from others in the sector, and it’s resonating well with new and existing customers. This is reflected in our brand health, with perceptions of our food and the overall experience all having improved in the past six months as measured by the Big Restaurant Survey (source: Morar). In addition, we have made good progress in building brand awareness and advocacy through continued investment in digital and social media channels, and creative marketing campaigns.” Of Ask Italian, Gondola stated: “With over half of the estate now reflecting the brand’s fresh, foodie new look, Ask Italian is well on the way to realising its ‘Italian Lovers’ vision. Across the business momentum is building. The market upturn is providing positive trading conditions, our transformed sites, of which 17 were completed during this period, are delivering excellent returns; and the company is benefiting from additional sales channels, with the launch of gift cards and demand for our retail items growing. Brand health is strengthening with feedback from our internal tracking, as well as third party research, showing increased scores across key customer metrics.”

Casual Dining show grows by 45% in second year, Propel to host a panel discussion: The Casual Dining show will grow by 45% in its second year – it takes place on Wednesday and Thursday 25 and 26 February 2015 at the Business Design Centre in London. Its launch event, nine months ago, attracted 3,655 visitors and went on to win a best trade show award at the Association of Event Organisers’ hotly contested Excellence Awards. For 2015, Casual Dining is planning a 45% increase in exhibiting space taking the show up to the venue’s upper feature level for the first time. A total of 170 exhibitors are booked to take part, up from 118 at the first one. On Thursday 26 February, at midday, Propel managing director Paul Charity will host a panel on ‘how pub operators are diversifying’ featuring: James Nye of Anglian Country Inns who is brewing and selling bagels, Yummy Pub Company co-founder Tim Foster who is selling coffee and plenty of cocktails, Oliver Thain, founder of gastropub operator Cambscuisine, who has opened a smoked food concept called Smokeworks and Kevin Charity, of coaching inn operator Bulldog Hotel Company, who has developed strong coffee and accommodation revenue streams. To register for a free trade pass, please visit www.casualdiningshow.co.uk and quote priority code CDPR1 (direct link: http://www.eventdata.co.uk/Visitor/CasualDining.aspx?TrackingCode=CDPR1).

Creditors to receive between 8.5p and 9.5p in the pound owed for Waverley TBS collapse: Creditors owed a total of £64.5m in the collapse of wholesaler Waverley TBS will be paid between 8.5p and 9.5p in the pound owed, administrator Deloitte has reported. The pay-out occurs this month – just over two years after the company’s collapse. Deloitte reported that a total of £7.3m in cash was realised during the administration, including a sum of £282,000 held in a back account as part of a guarantee agreement with HMRC – the guarantee was not called upon by HMRC, which was owed around £11.8m in VAT, duty and PAYE, and the “amount was refunded when the time period elapsed”. Trade creditors were owed £40.5m after the collapse.

C&C drops Goldman Sachs after failed Spirit bid: C&C Group, the owner of the Magners cider and Tennents lager brands, has dropped Goldman Sachs as its joint corporate broker, a month after the rejection of the drinks manufacturer’s takeover bid for Spirit Pub Company, which was advised by the US bank. In a statement yesterday, C&C said it had appointed Investec Group as a joint corporate broker alongside existing broker Davy. Investec is replacing Goldman Sachs, which is also an adviser to Spirit. In October C&C, advised by Rothschild, made an approach for Spirit, days after the Spirit board agreed to recommend a £773.6m takeover deal with Greene King, with Goldman Sachs acting as Spirit’s lead financial adviser for the deal. Goldman Sachs has been advising C&C Group since its failed listing in 2002, when the business was known as Cantrell & Cochrane Limited. The bank was then appointed as a bookrunner on C&C’s second attempt at a float, which proved successful in 2004.