Chief executive Mark Jones may have a fight on his hands as he attempts a management buyout at Yates Group.
Jones’s 140p per share offer is backed by American private equity group GI Partners, but the founding Dickson family still owns 30% of the company and is proving difficult to persuade.
A second party, rumoured to be the Laurel Pub Company, is rumoured to be considering an offer.
The wine bar chain has dropped the words "Wine Lodge" from the Yates name and recently underwent an image makeover, with pole dancing, disco lights and trendy leather sofas all attracting a younger clientele. However, in the past it has experienced lacklustre performance and has issued a series of profit warnings.
The Daily Telegraph 26/06/04 page 34 (The Saturday Profile, Business)
