Corbin & King CEO Jeremy King has spoken of the difficult relationship with his investors, saying life was “utopian” when he had control over his own restaurant group.
Speaking at MCA’s Restaurant Conference, King said things were “a lot happier” when he and business partner Chris Corbin 100% owned Caprice Holdings.
He was speaking after revealing a difference of opinion over the recovery of London with investor, Thailand-based Minor Hotels.
Minor acquired Corbin & King in 2017 in a £58m deal. The Times yesterday reported the operator and Minor had fallen out over strategy, with Corbin & King reluctant to roll-out brands including the Wolseley into regions such as Dubai.
King was responding to a question about progress with opening Manzi’s in Soho. He told the conference: “When we had Caprice, we had 100% of the business. Life was a lot easier, life was a lot happier. It was utopian.
“I’m often asked what’s the best way to open a restaurant. I say keep it modest and keep 100% control.
“We have an OK relationship [with Minor], but the one thing I don’t have control over is any serious financial expenses.
“The investors are US-owned but Bangkok-based and took a dim view of what was happening in London. They thought it would collapse, we said no it wouldn’t. They wouldn’t sanction spending the last couple of million until they knew we were safe.
“I don’t know if we’ll ever know we’re safe, but at some point, you have to gamble. By nature I’m a gambler. I believe so strongly in the industry. We’re improving all the time.”
