Thu 13th Jun 2024 - Wolseley restaurant owner calls for help from restructuring advisers Wolseley restaurant owner calls for help from restructuring advisers: The owner of some of London's best-known restaurants, including The Wolseley, has called for fresh help from restructuring advisers more than two years after its parent company emerged from administration. Sky News reported that Minor Hotels has drafted in AlixPartners to advise on cash flow issues at The Wolseley Hospitality Group. The project is said to be at an early stage and could lead to a range of outcomes, according to industry sources. The group counts upmarket restaurants including Colbert in Sloane Square and The Delaunay in Aldwych. Since Minor, a Thai-based company, regained control of the company in 2022, it has sought to expand it, recently opening a Wolseley-branded outlet in the heart of the City. It was unclear what had prompted the re-engagement with AlixPartners, while information on current trading was unavailable. A spokeswoman for the Thai company said in response to an enquiry from Sky News: “Minor Hotels works with a wide range of advisors, including AlixPartners, across our businesses on a variety of strategic matters. This collaborative approach is a common practice for companies looking to leverage external expertise for continuous business improvement.” Minor regained control of The Wolseley after a battle with Jeremy King, the celebrated restaurateur who opened it in a former car showroom and rapidly turned it into a favourite among celebrities. King recently launched a new restaurant venture, which includes reopening Le Caprice – situated around the corner from The Wolseley – under the name Arlington. Last August, The Wolseley Hospitality Group reported revenue increased 60.7% to a record £53,674,320 for the year ending 31 December 2022 compared with £33,398,704 the previous year. Adjusted Ebitda also hit a new record level of £5,735,000 (2021: £2,341,000). The group made a pre-tax profit of £4,111,677 compared with a loss of £2,072,246 the year before. In April 2022, Minor International acquired 100% of what was Corbin & King after the business was placed into administration, having held a 74% share since 2017. The acquisition saw co-founder King leave the business, which subsequently changed its name to The Wolseley Hospitality Group. The company’s estate includes seafood restaurant Manzi’s in Soho in June 2023 and followed that with the opening of The Wolseley City last November. The Wolseley Hospitality Group features in the Premium Club Turnover & Profits Blue Book, the latest edition of which will be released tomorrow (Friday, 14 June) and feature 926 companies. Its turnover of £53,674,320 is the 191st 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.