Casino Group agrees to sell 20 restaurants to Crescendo

18th October 2019 (Last Updated October 18th, 2019 14:20)

French retailer Casino Group has agreed to dispose of 20 A la Bonne Heure and Coeur de Blé restaurants to Crescendo Restauration Group.

French retailer Casino Group has agreed to dispose of 20 A la Bonne Heure and Coeur de Blé restaurants to Crescendo Restauration Group.

The company has also signed an agreement to sell the real estate of six restaurants operated by its franchisees. It is expected to receive a total of approximately €20m ($22.28m) for both the transactions.

Commenting on the agreements, Casino Group said: “They provide for the continuation of the employment contracts of the restaurants’ employees, in accordance with legal rules.”

The French retailer expects to close the transactions, currently subject to the ‘usual conditions precedent’, at the end of this year.

In addition to A la Bonne Heure and Coeur de Blé, it also operates Comptoirs Casino and St Once brands.

A la Bonne Heure concept currently operates 100 restaurants across France offering a range of menu items, including a starter and dessert all-you-can-eat buffet selection to its customers.

The Coeur de Blé concept operates 92 restaurants in various locations across France. It offers gourmet and original recipes to fulfil lunch and snacking needs of customers.

Established by Christopher Shafroth, Crescendo Restauration opened its first restaurant in La Teste de Buch, Gironde, in 1992.

The company currently operates 80 restaurants under four banners, including Crescendo, Jules & John, Chez Jules, and Les Comptoirs d’Alice.

In July, Casino Group sold its contract catering services business R2C to global foodservice company Compass Group.