Repechage Investments Limited, Owner of Elephant & Castle, Announces Acquisition of Piccadilly Pubs (Press Release)

-- Chain Leader, 6/30/2008 9:46:00 AM

WORCESTER, MA, June 27 /PRNewswire/ - Repechage Investments Limited, owner of the Elephant & Castle family of pubs, today announced that its subsidiaries comprising the Massachusetts Pub Group had completed their acquisition of Piccadilly Pubs. Piccadilly Pubs, established in 1973, operates 13 restaurants throughout Massachusetts.

It is the intention of the buyers that Piccadilly Pubs retains its identity and continues to serve the people of Massachusetts. John Luvison, the new Brand Manager for Piccadilly Pubs commented, "Repechage is very excited to be expanding its overall operations in Massachusetts from one Elephant & Castle in Boston to now include 13 Piccadilly Pubs. The Piccadilly Pubs chain is known for its friendly staff and New England charm and we intend to build on these qualities."

David Dobbin, Chairman of Repechage Investments Limited, said of the Piccadilly Pubs transaction, "We believe that, despite these uncertain economic times, significant opportunities exist in the restaurant/pub sector. The keys to these opportunities are solid management who understand the customers' value proposition and a sensible purchase price that is fair to both sides. We believe that we have found both in the Piccadilly Pubs transaction and look forward to growing the brand both inside and outside New England." For more information on Piccadilly Pubs, visit http://www.picpub.com.

About Repechage Investments Limited

Repechage Investments Limited, based in Halifax, Nova Scotia, is a holding company formed under the laws of Canada that holds investments in the restaurant, transportation, service and real estate sectors. Through its subsidiary Repechage Restaurant Group Ltd., Repechage Investments Limited owns Elephant & Castle Group Inc., the premier operator and franchisor of authentic British-style pubs with 21 locations throughout North America.

For more information on Elephant & Castle, visit http://www.elephantcastle.com.