Repechage Investments Limited, owner of Elephant & Castle, announces acquisition of Piccadilly Pubs by its Massachusetts Pub Group subsidiaries

    WORCESTER, MA, June 27 /CNW/ - 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

    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

For further information:

For further information: Gary J. Heller, Vice President, Massachusetts
Pub Group LLC, 800 Westchester Avenue, Suite 641N, Rye Brook, NY, 10573, Tel:
(914) 697-4997; John F. Morgan, Secretary/Treasurer, Repechage Investments
Limited, Suite 503, Box 245, 5657 Spring Garden Road, Halifax, Nova Scotia,
B3J 1G9, Tel: (902) 444-3056

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