Food & Fuel has confirmed it has sold the entire share capital of the business to Brunning & Price, part of The Restaurant Group (TRG), as reported by MCA yesterday.

Brunning & Price/TRG paid £14.91m or £15.4m, after working capital and liabilities, for Food & Fuel, representing 8.1x outlet profit of £1.9m.

The 11-strong London gastro-pub business was started in 2006 by Karen Jones, Jo Cumming and Peter Myers. Its pubs span Richmond, Chiswick, Pimlico, Marylebone and Kensington and include the iconic Sporting Page in Chelsea.

Karen Jones, Executive Chairman of Food & Fuel, said: “After a series of approaches over the past few years, we finally decided that the future for Food & Fuel was best secured under the umbrella of a larger and well-regarded company that shares our values. That company is Brunning & Price.

“We look forward to watching Food & Fuel flourish as part of their estate. It remains for me to say a heartfelt thank you to all our people for whom we feel the respect and closeness one reserves for family. And our very best wishes for the future to Brunning & Price whom it has been a pleasure to get to know.”

Brunning & Price currently operates 64 pubs, predominately within rural locations, with the acquisition of Food & Fuel giving them to opportunity to establish themselves in London.

Mary Willcock, MD of Brunning & Price, added: “We are delighted to be coming together with Food & Fuel, whose excellent people and unique pubs have impressed us on every visit.

“It gives us an immediate strong presence in London and we are excited about the opportunities it provides”.

Jones, Cumming and Myers will continue to operate and expand Frontier, the seven-strong joint venture with Ei Group and have established a new vehicle, Pioneer Hospitality.

Food and Fuel was advised by Coffer Corporate Leisure.

To read MCA consulting editor Mark Wingett’s comments on the deal, click here