Leeds restaurant group behind Thai brand Zaap recapitalises with MBO
The management team of a Leeds-based Thai casual dining group has now aligned with its founders in a partial MBO (management buyout) funded by HSBC.
Sukhothai, which operates under the Sukhothai and Zaap brands, has used the funding to facilitate the partial buy out from founders Gerrard Marks and Yupha (Ban) Kaewkraikhot by members of the current management team.
Founded in 2002, the brand has grown from its debut site in Chapel Allerton to a group of 4 Sukhothai restaurants in Yorkshire alongside Thai street food brand Zaap which has branches in Leeds, Nottingham, and Newcastle.
The deal – advised and overseen by fellow Leeds company BDO LLP’s mergers and acquisitions and transaction tax teams – will see the Sukhothai management team invest in the group alongside the two founders, who will continue to remain active in the business.
Gerrard Marks, CEO of Sukhothai, commented: “it’s great to give the management team the chance to play an even bigger part in the success of the business both now and in the future.
“We are grateful to the BDO team for their support in achieving this, they were excellent throughout and delivered a deal above our expectations.”
Marc Hutchinson, of BDO’s northern mergers and acquisitions team, said: “It’s been a pleasure to work with Gerrard, Ban, and the team on this deal. The Sukhothai group continues to go from strength to strength.”
BDO LLP operates in 17 locations across the UK, employing nearly 5,000 people offering tax, audit and assurance, and a range of advisory services. BDO LLP is the UK member firm of the BDO international network.
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