LDC-backed D&D London secures Beechbrook refinancing

The fresh funding package will enable the company to repay shareholder loans provided by LDC and the company's management team.

Since LDC's initial investment, the group has expanded from 34 restaurants to 37. According to publicly available records, D&D's parent group, Panther Partners, has increased its turnover from £87.9m in the year ending March 2014 to £106.3m in the year ending March 2016.

A spokesperson for Beechbrook declined to comment on the size of the refinancing package beyond confirming that it fell within the €5-15m range, while unquote" was awaiting a response to requests for comment by LDC at the time of publication. Beechbrook's spokesperson also confirmed the debt package includes an equity kicker and has a maturity of three to five years.

Beechbrook's investment was drawn from its third private debt fund, which held a first close at around €100m in August 2016 and is expected to hold a final close in June or July 2017. The vehicle has a target of €200m and provides debt packages to private-equity-backed companies with turnovers of €10-100m.

Previous funding
In 2006, Bank of Scotland Corporate (which was later renamed Caird Capital) invested £47m in the restaurant group, which was previously named Conran Restaurants. According to unquote" data, Bank of Scotland provided the funding as an integrated debt and equity package, with roughly £28m of debt.

LDC then acquired a 69% stake in D&D London from Caird Capital and Conran in April 2013, via a £50m secondary buyout. The company's management team retained its 31% stake following the deal.

Company
D&D London, formerly Conran Restaurants prior to the buyout in 2006, was founded in 1991. The group first opened a series of restaurants in London before expanding to a selection of international cities including Tokyo, Paris and New York. It also operates the South Place Hotel in the City of London, which opened the year prior to LDC's investment.

D&D currently owns and operates 37 restaurants worldwide with a turnover of £106.3m. The company's parent group generated EBITDA of £13m in the year ending March 2016, according to publicly available records, up from £11.2m in the previous financial year.

People
D&D London – Simon Sherwood (chairperson).

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