YANG SING, the renowned family-run Chinese restaurant in Manchester, is to take its award-winning food to the masses by selling its ready meals division.
Readybuy, a cash shell, yesterday said it planned to buy McDonald Yang for pounds 1.7m in shares. This is a division of Yang Sing set up by the Yeung brothers, whose father founded the restaurant in 1977, to turn their dishes into chilled ready meals for sale in supermarkets.
The deal will see the enlarged company float on the Alternative Investment Market before the end of the year. Readybuy will pay Gerry and Harry Yeung, who now run the Yang Sing restaurant, 3.6 million shares, worth about pounds 1.7m, in exchange for the business. Gerry and Harry will also have a 20 per cent share in the new Readybuy, which is expected to have a market capitalisation of pounds 8.6m when it floats later this year.
"The Yang Sing in Manchester is possibly the finest Chinese restaurant in the North-west and renowned for the quality of its food. Soon people across the UK will be able to enjoy the delights of some of the Yang Sing's excellent recipes in the comfort of their own homes," said Colin Davies, chairman of Readybuy and a regular diner at Yang Sing. …