Thu 24th Nov 2022 - Exclusive: Drake & Morgan appoints advisors as it gears up to assess its options Exclusive – Drake & Morgan appoints advisors as it gears up to assess its options: Drake & Morgan, the London-based bar and restaurant group, is to assess its strategic options, which could result in a sale of the business next year, Propel has learned. It is understood that the 18-strong company, which is backed by Bowmark Capital, has appointed Sapient Corporate Finance to aid it in assessing its options. Propel understands that the business has traded strongly over the course of the year and is in no rush in regard to what options it explores, with any process not set to begin until next year. A spokesperson for Drake & Morgan, which is led by founder Jillian MacLean, told Propel: “We are assessing our options after a highly successful 12 months trading post pandemic. We are in active discussions with advisers to assess our strategic options in the new year.” Drake & Morgan was founded in 2008 by Imbiba, the specialist bar and restaurant investment firm, and MacLean. Bowmark backed a management buyout of the then five-strong business in spring 2013. Earlier this year, the company, which operates 17 sites in London and one in Manchester, said it was making a “robust recovery” and has seen “a strong return in trading levels” following last year’s CVA. On the back of the CVA, which saw the business close the Allegory and The Listing, both in London, and The Refinery in Spinningfields in Manchester, Bowmark injected £2m of working capital funding into the company. The business operates sites including The Folly in Monument, The Anthologist in Gresham Street, The Fable in Holborn Viaduct, and four sites under The Refinery name in Bankside, CityPoint, New Street Square and Regents Place. In 2016, the business bought the 11-strong, London wine bar and restaurant operator Corney & Barrow Bars for an undisclosed sum. Drake & Morgan features in Propel’s Turnover & Profits Blue Book, which now contains 656 companies. The Blue Book shows in the year to 29 March 2020, Drake & Morgan turned over £50,188,007. The Blue Book, which is produced in association with Mapal Group and is updated monthly, provides a five-year overview of turnover and profit, ranks companies according to turnover, pre-tax profit and profit conversion. The Blue Book also provides details of directors’ earnings and highest paid directors. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription.