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Wed 23rd Aug 2023 - Exclusive: Breal Capital acquires Vinoteca out of administration |
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Exclusive: Breal Capital acquires Vinoteca out of administration: The future of London-based wine bar, shop and restaurant concept Vinoteca has been secured following a sale of the business and its assets to an entity owned by London-based investment firm Breal Capital, via a pre-pack administration, Propel has learned. Founded in 2005 by Charlie Young, Brett Woonton and Elena Ares, Vinoteca operates five sites across London, in Borough Yards, Chiswick, Farringdon, Kings Cross and Bloomberg Arcade. The company’s trading had been adversely impacted over recent years by the covid-19 pandemic, lower customer levels due to train strikes and an underperforming site in Birmingham’s Paradise development, which opened in July 2022 and was closed in May. Ryan Grant and Tim Bateson from Interpath Advisory were appointed joint administrators to VTL Realisations 2023 Limited, formerly known as Vinoteca, on 18 August 2023. Interpath Advisory had previously been engaged to explore the company’s sale, refinance, and investment options. It said: “Following an extensive review of the options available, it became clear that it would not be possible to conclude a transaction on a solvent basis and as such, the directors took steps to seek the appointment of administrators. Immediately following their appointment, the joint administrators concluded a sale of the business and certain assets to an entity owned by Breal Capital Limited. As part of the sale, all 150 employees have transferred across to the purchaser.” Earlier this year, the Breal Group acquired Black Sheep Brewery out of administration for a total consideration of £5.04m. A spokesperson at Breal Capital said: “Vinoteca is a premier destination for wine enthusiasts, offering an exquisite collection of fine wines from around the world, complemented by an exceptional culinary experience. Beyond its outstanding collection of wines and delectable cuisine, Vinoteca distinguished itself through its commitment to education. The establishment will continue to host a series of events, workshops, and tastings led by industry experts, allowing guests to deepen their appreciation and knowledge of the world of wine. Each bottle of wine has a story to tell. We are delighted that Vinoteca can continue to share these stories.” Grant, managing director at Interpath, said: “Vinoteca’s bars have been a popular venue for customers across London. After exploring a number of options, we’re pleased to have concluded this transaction which will see the continued operation of the company’s venues and which importantly, safeguards over 150 jobs. We wish the management team all the best for the future.”
Two days to go before release of updated Premium Database of Multi-site Companies, 62 businesses being added: A total of 62 new multi-site companies, operating 323 sites, have been added to the next edition of the Propel Premium Database of Multi-site Companies, which will be released on Friday (25 August), at midday. The updated Propel Multi-Site Database, which is produced in association with Virgate, includes regional coffee shop operators, growing restaurant brands, and expanding experiential concepts. Premium subscribers will also receive a 4,000-word report on the new additions to the database. The comprehensive database is updated monthly and provides company names, the people in charge, how many sites each firm operates, its trading name and its registered name at Companies House if different. The database now features 2,943 companies. Premium subscribers also receive access to five other databases: the New Openings Database; the Propel Turnover & Profits Blue Book; the UK Food and Beverage Franchisor Database; and the Who’s Who of UK Food and Beverage. Premium subscribers have now received the new UK Food and Beverage Franchisee Database – the first time that profiles of 100 of the top food and beverage franchisees have been available in one place in the UK. The go-to database, which features many of the big franchise operators running Costa Coffee, McDonald’s and Domino’s sites, brings together a wealth of information on an increasingly important part of the market, and the first edition features more than 32,000 words of content. The sixth major database exclusive to Premium subscribers, it will be sent out bi-monthly, including new entries and updates to existing entries. The companies, listed in alphabetical order, will have their most recent results reported as well as broader information around the company’s background, site numbers and board make-up. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription. Premium subscribers are also being given exclusive access to the recording and slides to Propel Multi-Club Conferences. They also receive their morning newsletter 11 hours early, at 7pm the evening before; regular video content and regular exclusive columns from Propel group editor Mark Wingett.
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