UK-based fastfood chain Wimpy International has been sold to a management group, in a £15m (US$23.19m) deal led by former MD John Davison and backed by the Royal Bank of Scotland.
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The group maintained that the sale, by venture capitalists Bridgepoint Capital, 3i and Lloyds TSB Development Capital, would have no impact on the 300-strong chain.
Earlier this year, CEO Max Woolfenden insisted that a management buyout (MBO) was not on the cards. Following the deal, Woolfenden will become non-executive chairman.
Davison will take over the restaurant chain as CEO.
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