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Thu 14th Sep 2023 - Exclusive: D&D London to close Haugen site as deadline for offers nears
Exclusive – D&D London to close Haugen site as deadline for offers nears: D&D London is expected to leave its Haugen, Stratford site this autumn, Propel understands. Haugen was described as a three-story Bauhaus behemoth when it opened in 2021 with capacity for 500 diners. The Alpine-themed restaurant and rooftop bar has views of the Olympic Park – it also has two private dining rooms and two outside terraces. At the time of the opening, then chief executive Des Gunewardena said: “I hope Haugen will be something unique and special in the London restaurant scene. When you see Haugen coming out of Stratford station on the way to the Olympic Park, it will certainly grab your attention. The Pavilion is a remarkable building. Our restaurant and food concepts have been inspired by its architecture and location. For those Londoners who love their Alpine rostis and tartiflettes, this will be a must go restaurant. But for those who prefer to maintain their Olympian body shapes, there will be plenty of tasty options too.” Site landlord Lendlease is understood to have a new tenant under offer for the site. Propel understands that it is hoped to transfer the site to the new tenant “as early as possible next year”. Final bids for D&D are due tomorrow (Friday, 15 September). Propel understands that Hong Kong-based Aqua Restaurant Group, the David Yeo-founded business that operates a portfolio of restaurants across the globe, is among the remaining parties interested in acquiring D&D. Other interested parties are understood to still include Gunewardena, who is thought to still own a circa 14% stake in the company. A group of private investors, which are believed to have engaged Simon Wilkinson, ex-chief executive of Byron and La Tasca, to help them, are also believed to be still involved in the process. The sales process, which goes under the name Project Sandon, is being overseen by advisory firm Interpath. D&D London features in the Propel Turnover & Profits Blue Book. Group revenue over the 15 months to June 2022 was £163m, or 90% of pre-covid levels, while earnings were £17m, or 122% of pre-covid. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email to upgrade your subscription.

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