NBGI Private Equity, the backer of Kornicis Group, the London-based bar and restaurant operator, has appointed advisers to seek a new investor for the Jamies Wine Bar operator, M&C Report understands.
It is thought that NBGI, which has been an investor in Kornicis since 2008, has appointed Coffer Corporate Leisure to seek new backers for the 17-strong central London-based company. The group is believed to be trading strongly, with like-for-like growth in excess of 5% and generating turnover of between £15m to £20m.
It is understood that a management buyout led by chief executive Nick Tamblyn is one option for the business.
NBGI is believed to have had various approaches for the business and having been investors for almost seven years believes the time is right for a new investor to support the future expansion of the company.
The group operates 11 sites under the Jamies brand and two Smollensky units, as well as a number of independently branded outlets such as The Saint on Paternoster Square.
Mark Sheehan of Coffer Corporate Leisure said: “Kornicis is a high quality business trading from some excellent locations in one of the most affluent locations in the world. The business enjoys a loyal consumer following and offers an excellent platform to grow further.”
Earlier this year, its places a five-strong portfolio of Jamies sites on the market through Davis Coffer Lyons.
Having secured an acquisition facility with Barclays bank in June 2014, Tamblyn told M&C Report earlier this year that the group “certainly hopes to be opening a number of sites for 2015” with a number of City locations currently under review.