News

Founders of ASK Central and Zizzi's Pizza net $44 million in City Centre sale

December 18, 2003

LONDON—Upon the £168 million (U.S. $297 million) sale of their pizza companies, ASK Central and Zizzi's, to City Centre Restaurants, the founding Kaye family pocketed a cool $44.2 million.

According to The Independent, the Kaye's owned about 15 percent of the business when it was sold on Dec. 18. Chief Executive Adam Kaye and his brother Samuel, a director, each owned 3.6 percent of the company, and received about £6 million (U.S. $10.6 million) from the deal.

The buyout creates a business, to be renamed The Restaurant Group, with more than 400 restaurants and 10,000 employees.

City Centre has more than 240 restaurants in its portfolio, including 63 Caffe Unos, 82 Frankie & Benny's, 26 Chiquitos, 29 Garfunkel's and 20 Est Est Ests. ASK Central has 167 pizza and pasta restaurants operating in the UK.

Andrew Page, City Centre's managing director, will retain that role in the combined company, and ASK Central finance director Martin Eckersley will retain his title.

Adam Kaye will become executive director, high street, and Samuel will take on a senior management role.

City Centre, which is financing the cash portion of the buyout with a new £145 million (U.S. $256.3 million) loan, also announced a share placing to raise £13.3 million (U.S. $23 million) to fund new unit expansion. City Centre has chosen about 30 sites in its own portfolio for rebranding under the Zizzi or ASK names.