Chanticleer Holdings, a franchisee of international Hooters restaurants and a minority owner in the privately held parent company of the Hooters® brand, today announced the signing of a Binding Letter of Intent for the acquisition of the Hooters restaurant in Nottingham, England. Contingent on the completion of a full and accurate audit, closing is expected to occur the earlier of the completion of the audit or October 31, 2013. Nottingham will be Chanticleer’s second European and seventh international location.
West End Wings has operated the Nottingham restaurant for 13 years. Located in an area that is home to successful sporting teams and tourist attractions, the restaurant is one of Hooters’ leading international locations. According to today’s press release, the restaurant’s current management team will continue to operate the restaurant under Chanticleer’s new ownership. The restaurant has 340 seats, including two outdoor patio areas that accommodate a total of 80 customers.
With the signing of the Binding Letter of Intent, Chanticleer provided the Seller with a $200,000 deposit towards the purchase consideration. On August 2, 2013, the Company closed on a $3 million funding in the form of convertible debt from a group of investors. The company intends to issue a press release and an 8-K filing with the Securities and Exchange Commission with details of the financing and Binding Letter of Intent.
Mike Pruitt, CEO and President of Chanticleer Holdings, commented, “Signing this Binding Letter of Intent for the Nottingham location is a tremendous step forward in our plans to expand Chanticleer’s European Hooters’ footprint and to achieve profitability. We are extremely grateful for the opportunity to have secured the funding from the consortium of investors who independently evaluated the promise of our plans. Nottingham has been a stellar location for the iconic Hooters brand, and we look forward to closing this transaction soon and benefitting from the restaurant’s future success. ”
For more information on Chanticleer Holdings, visit www.chanticleerholdings.com
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