ACQUISITION: Bendini & Shaw, the chain of sandwich shops, has been acquired by the Insomnia Coffee Company in a deal worth €2 million in loan notes and equity.
AUnder the terms of the deal, arranged by Dolmen Corporate Finance, former proprietor of Bendini & Shaw Mr Harry O'Kelly will take a 25 per cent stake in the enlarged Insomnia group. The remaining shareholding will be held equally by the original four stakeholders in Insomnia - Mr Derek Hughes, majority shareholder and founder of Hughes & Hughes bookshops; Mr Brian Goff, who owns the La Croissanterie chain; property developer Mr Niall Wiseman; and businessman Mr Mark Duffy.
Mr O'Kelly will become chief executive of the company, which will have its headquarters at the flagship Bendini & Shaw unit in St Stephen's Green in Dublin.
The enlarged group will have 11 outlets - six Insomnia and five Bendini & Shaw - will employ around 120 people and will have turnover of more than €5 million per annum.
In terms of branding, initial changes will involve the distribution of internally prepared Bendini & Shaw sandwiches to all Insomnia stores with Insomnia coffee being similarly sold throughout all Bendini & Shaw units.
