Turns out that the major acquisition in the wind at Star Computer Group Plc, whose shares have been suspended pending an announcement since before Christmas is the more orthodox parts of Peter Boizot’s Soho, London-based Pizza Express empire, as revealed in Friday’s Daily Mail. The chain now comprises 24 company-owned restaurants plus another 25 franchised […]
Turns out that the major acquisition in the wind at Star Computer Group Plc, whose shares have been suspended pending an announcement since before Christmas is the more orthodox parts of Peter Boizot’s Soho, London-based Pizza Express empire, as revealed in Friday’s Daily Mail. The chain now comprises 24 company-owned restaurants plus another 25 franchised ones. Boizot will be hanging on to the more exotic parts of the empire, including Kettners restaurant where King Edward VII once used to entertain ladyfriends such as Lily Langtry, and his jazz promotion and publishing interests. Star Computer’s core business is presently accounting software for accountants, but after Pizza Express has reversed into Star – whose principals no doubt made the initial contacts way back when when they opened an office in Dean Street, Soho, just down from the original Pizza Express, foundation of the empire – the software business is expected to be sold off. According to the Mail, brokers Greg Middleton and Ernst & Young Corporate Finance have cooked up a scheme for Star to issue new shares at – the paper suggests – 40 pence (they were suspended at 47 pence), with a placing of 35m, to raise some UKP14m for Boizot and those of his backers that want to cash in. Boizot and managing director David Page will keep over 20% of the company, which is expected to perform much better than the old Star.
