6 Jan 2014 07:00
6 January 2014
Clear Leisure Plc(“Clear Leisure” or “the Company”)
Restaurants Division Expansion
The Company is pleased to announce that it has increased its interest in the Italian sushi restaurant chain, Sosushi Company srl (“Sosushi”), from 51 per cent. to 100 per cent. Consideration will take the form of a credit compensation agreement between the vendor and the Company.
Following this acquisition, Mr. Michele Collini, a 32 year old, business management MA graduate from Bocconi University, Milan and a former audit partner at PKF Italia SpA, will be appointed as the new Chief Executive Officer of Sosushi.
Clear Leisure is also pleased to announce that, for no additional financial cost, it has acquired 51 per cent. of Lasagnette UK, a restaurant format incorporating the merchandising of a much loved cartoon character. This acquisition allows the Company the opportunity to launch in the UK and Ireland the Lasagnette family restaurant format and includes the merchandising rights for the cartoon character. For more information on Lasagnette, please go to www.lasagnette.com.
As part of this planned reorganisation and development of the Company's restaurant operations, Clear Leisure expects to shortly sign a new Letter of Intent to acquire the worldwide rights to the name of a historic restaurant in Italy which has been awarded a Michelin star.
Following the completion of the above expansionary moves, creating a significant, international restaurant group, the Company is exploring the possibility, in conjunction with its UK advisers, to spin-off its enlarged restaurant division into a separate, potentially listed entity. Such a move, which should be seen as part of the Company's clear focus to provide transparency on the underlying value of its assets, will further allow the separated restaurant group to raise additional expansionary and working capital, without directly diluting Clear Leisure shareholders.
Finally, again as part of the Company's commitment to driving shareholder value in the near term, the Board of Clear Leisure is currently seeking an appropriately experienced and independent executive to help implement this strategy of shareholder value creation, as the Company's new Chief Executive Officer.
It is anticipated that a further update on this appointment will be provided before the end of February 2014.
-ends-
For further information please contact:
| Clear Leisure Plc | +39 02 4795 1642 | ||||
| Alfredo Villa, CEO | |||||
| Westhouse Securities (Nominated Adviser and Joint Broker) | +44 (0) 20 7601 6100 | ||||
| Antonio Bossi | |||||
| Peterhouse Corporate Finance (Joint Broker) | +44 (0) 20 7469 0935 | ||||
| Jon Levinson / Heena Karani | |||||
| Leander (Financial PR) | +44 (0) 7795 168 157 | ||||
| Christian Taylor-Wilkinson | |||||
About Clear Leisure Plc
Clear Leisure Plc (AIM: CLP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy but also other European countries. The Company may be either a passive or active investor and Clear Leisure’s investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions. For further information, please visit, www.clearleisure.com
Copyright Business Wire 2014