Exclusive – Crosstown agrees sale to Karali Group: Crosstown, the artisan doughnut and specialty coffee brand, has secured new investment following a sale of substantially all of the business and its assets to Karali Snacks, part of Karali Group, Propel has learned. The transaction, which is believed to have done through a pre-pack administration, includes the acquisition of 27 operating locations, including the majority of the stores, market units, kiosks, concessions, and trucks, as well as the transfer of 140 staff, including the leadership team of the business. Crosstown has been working with its advisers from Interpath Advisory to explore investment options that could support its continued operations and its future expansion. Karali Snack, which has acquired the business and assets of Crosstown Dough, and which is part of the Karali Group led by Salim Janmohamed and Karim Janmohamed, is a diversified, multi-national hospitality and real estate platform operating franchises in the fast-food, casual dining and hospitality sectors. Karali Group has the rights to operate concepts including El Taco Loco, Dirty Dog Shack, Roosters, Sticky Sisters and Cafe Italiano. The company previously operated 74 Burger King restaurants, which were acquired by Burger King UK in October 2022. The Crosstown business will continue to be led by chief executive Howard Ebison. “We’re delighted to start the next chapter for Crosstown,” said Ebison. “Since we launched ten years ago, the fantastic team has created a completely unique proposition in bakery. Crosstown has become a destination for food and flavour, both in store and online. The Karali Group brings a wealth of experience and an exceptional track record growing hospitality brands. Their investment is testament to the strength of the Crosstown brand, the commitment of our teams and the loyalty of our customers.” Karim Janmohamed added: “We are delighted to get this transaction over the line and are excited about the opportunity to work with the Crosstown team on further developing and enhancing this fantastic brand and offering. The Crosstown brand is synonymous with excellence, innovation and quality in the bakery sector, and we were immediately attracted to the chance to invest and propel the business forward. Karali Snacks, a division of the Karali Group, will manage the investment in Crosstown as the Karali Group furthers its investment strategy across the retail, consumer, leisure and real estate spaces.” Sam Birchall, head of special situations M&A at Interpath Advisory, said: “The team at Crosstown has a great concept that has gained an enviable foothold in the market. This transaction will enable the team to build upon its network of retail outlets with the investment and support of Karali Snacks. We wish the team all the best for the future.” Propel revealed in April that Crosstown, which was co-founded ten years ago by Adam Wills and JP Then, had appointed advisors as it looks to secure new investment to aid its next stage of growth. Last month, Propel revealed Wills was among the interested parties and was attempting to take back control of the business, in which Foresight, the backer of Mowgli and Roxy Leisure, invested £3m in 2022. Crosstown features in the Premium Club Turnover & Profits Blue Book, which features 912 companies. Crosstown’s turnover of £7,563,368 for the year ending 31 January 2022 is the 738th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Premium Club 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 kai.kirkman@propelinfo.com to upgrade your subscription.

Boxpark assumes operational management of Buck Street Market in Camden: Boxpark has agreed a long-term property management deal with Places for London, Transport for London's property company, for Camden's shipping container food and retail complex, Buck Street Market. Boxpark is assuming operational management of the site, and alongside Places for London, said it plans a “comprehensive renovation to inject new life into the prime location”, which attracts more than 30 million visitors a year. The 12,000 square-foot site, which was bought by Places for London in October 2023, will undergo a significant refurbishment to revitalise the space and support more than 40 independent food operators and retailers, subject to planning permission from Camden Council. Boxpark said that the vision for Camden Market Buck Street aligns with its “dedication to supporting independent businesses and fostering vibrant community spaces, designed with local people”. Buck Street Market currently hosts 23 retail and 23 food units, operating daily, from 10am to 7pm. An initial investment from Boxpark will refresh the site, with plans for significant further investment in collaboration with Places for London in the coming year following engagement with existing businesses and the local community. Simon Champion, chief executive of Boxpark, said: “It’s an exciting challenge for Boxpark to reinvigorate an iconic destination like Buck Street Market. It’s no secret we have a love of locations beaming with culture and community, and Camden is no different. Camden Town boasts a world of food, music and the arts that is just so aligned with Boxpark's movement and culture. We are committed to flying the flag for independent businesses across the country, and this restoration will allow us to continue this in one of the most significant takeovers London will see this year. Following our Liverpool opening earlier this year, this next step for us is just the beginning of our upcoming expansion plans, and we hope to see a warm response from the local community.” Samantha Bain-Mollison, head of retail development at Places for London, said: “As the new owners of Buck Street Market, we are delighted to be working with Boxpark as they look to revitalise the space for all. We will be working closely with Boxpark as they work to improve the market and provide a welcoming and inclusive space that all Londoners can enjoy throughout the summer and beyond.” Last month, Boxpark launched its latest site in Liverpool, its first outside of the capital. Located in the Canning Hall at Cains Brewery Village, the 1,500-capacity venue is the group's fourth site in the UK since it launched in 2011. The company, which also operates sites in Croydon, Shoreditch and Wembley, said last year that it planned to open an average of two or three sites per annum over the next five years in London and other major UK cities. Boxhall sites are scheduled to open in Bristol and London’s Liverpool Street later this year, while another Boxpark scheme is also planned in Birmingham.