Tragus makes a place on its board for Punch chief

Published on Friday 20 October 2006 11:43

TRAGUS Holdings, the restaurant group that owns Cafe Rouge and Bella Italia, has appointed the chief executive of Scotland's biggest pub owner to its board ahead of a possible £200 million-plus flotation.

Giles Thorley, chief executive of Punch Taverns, is to take up a post as non-executive chairman at the firm, which has branches of both its restaurant chains in the Capital.

Tragus has also announced that it has hired Citigroup to review its strategic options, although it confirmed that an initial public offering (IPO) was its preferred option.

Mr Thorley's move represents a reunion with Tragus chief executive Graham Turner, who he worked with at the Unique Pub Company until 2001.

Tragus was acquired in January 2005 by Legal and General Ventures for around 92m, and immediately appointed Mr Turner as its chief executive.

Regarding future flotation options, Mr Turner said: "And IPO is our preferred objective, but clearly other things can pop out when you're going along that route."

In total Tragus owns 161 restaurants, including a Cafe Rouge branch on Frederick Street, and two Bella Italia's on North Bridge and on Hanover Street.

It has also recently launched a Spanish tapas chain, Ortega, which has three English branches.

In the year to May 28, Tragus reported 22m earnings before interest, tax, depreciation and amortisation from a turnover of 130m.