small number of restaurant formats that are currently trading profitably within and around the M25 region. The company's Executive Directors, David Page and Paul Campbell, each have proven track records of developing and building successful and profitable restaurant and leisure concepts across the UK and were until recently Directors of PizzaExpress Plc, the successful and highly profitable restaurant group with more than 300 restaurants in the UK and internationally. The UK eating out market is still growing and, with the exception of the traditional pizza/pasta sector, the UK market is generally fragmented. Clapham House will therefore favour sectors of the restaurant market that are relatively unconsolidated and will apply the following investment criteria in assessing potential acquisitions: