Burger chain sold to former pizza man
The former finance director of Pizza Express Glen Tomlinson has bought burger chain Tootsies for £30.6m in cash and £1.17m in shares.
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Tomlinson runs AIM-listed Urban Dining together with the former operations manager at Pizza Express John Metcalf. Tootsies is Urban Dining’s first acquisition since its flotation on AIM in May.
The nine-strong Tootsies chain will continue to be run by Andrew Bonnell, who is believed to have made £1.2m from the sale.
The Daily Telegraph reports that Bonnell will use half of his money to invest Urban Dining shares, and will also gain a seat on the board. Urban Dining wants to expand the Tootsies to a 100-strong restaurant chain business.