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Patisserie Noura bought by Lebanese investors
6-9-2017
A number of Lebanese investors have reportedly bought the prestigious Patisserie Noura that is located in Sassine square, Ashrafieh. One of the main investors, is the young entrepreneur and former private banker, Julian Khabaz, 37 years, who became the majority shareholder, in addition to Shawi Group owner of Chateau Ksara. Le Commerce du Levant which published the news, did not disclose the amount of the transaction, but Khabaz placed it between USD 10 to 15 million. The transfer of ownership completed on August 1st will not change the rules of procedures or company policies regarding the 70 or so employees of Noura, the magazine wrote. Khabaz maintained that he will announce the deal and the opening of two branches during the patisserie’s projected 70th anniversary in 2018. According to Le Commerce du Levant, Noura was not on the hook financially, but its original owner, Edwin Chaarawi, has chosen to sell it for family reasons, not that total revenues of the enterprise currently exceeds USD 6 million and is increasing 5% annually
)Le Commerce du Levant, September, 2017(
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