First Acquisition for Chopstix Group
Posted 21/11/2017 : By: Debbie Dennis
Chopstix Group (CG), which owns and operates the eponymous chain of 75 noodle restaurants across the country, has concluded its first acquisition. CG has purchased the popular Yangtze chain of restaurants from The Wok Ltd for an undisclosed sum, in a deal backed by Metro Bank. Launched in 2006 and employing 70 staff, Yangtze operates nine premium, quick service Chinese restaurants across the UK and Ireland.
As a result of the acquisition, CG is now active within 35 shopping and retail hubs across the country. The Chopstix brand operates 75 units in total, 26 of which are located within shopping centres whilst all nine Yangtze outlets are located within centres including Birmingham’s Merryhill Centre and the Meadowhall Centre in Sheffield.
CG was founded by Sam Elia and Menashe Sadik in 2001, and together, they have overseen the growth of their accessible Oriental food brand, Chopstix. Under their stewardship, the brand, which offers consumers a faster, fresher, healthier alternative in the food to go sector, has seen its outlet count double in the past 18 months, however Elia and Sadik have kept a close eye on the market over the past year or so, assessing potential purchase options.
Commenting on the acquisition, CG Director Sam Elia says; “We have been keen to extend our restaurant interests in the “food to go” sector for a number of years, however, were prepared to wait until the right proposition presented itself. With this acquisition, we are pleased to add a second premium brand to our portfolio, and fully intend to maximise the potential of both Chopstix and Yangtze in the months and years ahead.”
CG Co-Director Menashe Sadik adds; “Now that our first acquisition has been concluded, there is a real appetite and desire to consider future activity. We are already assessing a number of potential deals, and whilst Chopstix and Yangtze share an obvious affinity, we are not inclined to limit ourselves exclusively to the Oriental influenced sector, as we seek to achieve the Group’s acquisition and growth ambitions.”
GVA NI represented Chopstix Group in the acquisition.