AmRest to invest €6 mln in Russian bakeries

WSE-listed restaurant operator AmRest signed a cooperation agreement with LPQ Russia regarding the development of a restaurant activity in the bakery segment on the Russian market, the company said in a market filing. AmRest will invest €6 million in the venture and will become the majority shareholder holding 51 percent shares in the newly created company. The remaining share will be held LPQ Russia which will transfer its trademarks for a number of bakery outlets. “The management board of AmRest believes that partnership with a partner and presence in the bakery sector will significantly increase the company's position on the Russian market, boost the attractiveness of the offer and reach new customers, “ AmRest said. The parties want to complete the transaction by June 2018.