3i backed Giraffe acquires Tootsies sites

The Giraffe restaurant group announces today it has agreed the purchase of eleven Tootsies from the administrators of Tootsies Restaurants Limited, a subsidiary of Clapham House Group plc. Each acquisition is subject to the relevant landlord's consent.

The management team, led by Russel Joffe, plan to convert the acquired sites into Giraffe restaurants within the coming months.  In the meantime, Giraffe will continue to run them under licence as Tootsies.

Russel Joffe, managing director and founder of Giraffe, comments:
“With the support of our investors Risk Capital Partners and 3i, our strategy is to continue growing the brand nationally year on year. This acquisition of some great sites allows us to accelerate the roll out of Giraffe, and takes Group revenues to in excess of £35 million.”

The sites are located in London, Norwich, Bury St Edmunds, Weybridge and Portsmouth and the acquisition brings the Giraffe group up to 36 restaurants plus five airport franchises, of which three are at London’s Heathrow.

Chairman Luke Johnson comments: “‘This is a deal that will transform Giraffe and it shows how ambitious we are for the business.”

Giraffe is a successful all-day restaurant concept based on global food, world music, great service and good value for money. The group partnered with 3i in October 2006 to support the national roll-out of the brand.

Justin Maltz, Director of 3i Growth Capital comments: “Giraffe''s exceptional performance has defied the downturn and this deal will give the brand further room for growth - we believe there is plenty more to go for.”