Vinoteca sold to private equity firm, saving 150 jobs

Vinoteca sold to private equity firm, saving 150 jobs

Vinoteca sign

Last week, the group warned it was on the brink of collapse without struggling to cope with inflation, spiralling energy financing and train strikes.

Vinoteca had once sealed lanugo its 4,500 sq. ft. venue in Birmingham in May, a visualization that left the team ‘heartbroken’.

The company’s five upmarket wine bars in London were then plunged into jeopardy without the group filed for protection from its creditors.

However, administrators at Interpath have now sold Vinoteca to a London-based private probity firm tabbed Breal Capital, which was founded in 2014.

‘After exploring a number of options, we’re pleased to have terminated this transaction which will see the unfurled operation of the company’s venues and which importantly, safeguards over 150 jobs,’ said zookeeper Ryan Grant.

Breal Capital is primarily renowned for investing in the steel industry, but it moreover purchased Black Sheep Brewery in Yorkshire older this year. It plans to maintain operations at all five Vinoteca wine bars, located in Borough Yards, the City, Chiswick, Farringdon and King’s Cross.

Elena Ares, Brett Woonton and Charlie Young founded Vinoteca in 2005, and it gradually expanded wideness London over the ensuing 18 years.

However, it was hit by the pandemic, followed by the inflation unleashed without the Bank of England ramped up quantitative easing to prop up the economy.

Its most recent finance show that the merchantry sustained a loss of £2.1m in the 12 months to March 22, and administrators were tabbed in.

In a statement, Breal Capital praised Vinoteca’s ‘exquisite hodgepodge of fine wines’ and ‘exceptional culinary experience’, withal with its focus on educating the public.

‘The establishment will protract to host a series of events, workshops, and tastings led by industry experts, permitting guests to deepen their appreciation and knowledge of the world of wine,’ widow the private probity firm.

‘Each snifter of wine has a story to tell. We are delighted that Vinoteca can protract to share these stories.’

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