A group of private investors has taken a majority stake in Cubitt House, the four-strong, London-based gastropub operator, in a deal which is believed to value the business at c£25m to £27m.
The company, which is understood to generate EBITDA of c£3.2m, said that the new funding would facilitate future expansion led by the current management team.
Founding shareholders, Stefan Turnbull and Barry Hirst, will remain actively involved in the business.
The group, which was advised on securing the new investment by Sapient Corporate Finance, currently operates The Thomas Cubitt, Elizabeth Street, Belgravia; The Alfred Tennyson, Motcomb Street, Belgravia; The Orange, Pimlico Road, Belgravia and The Grazing Goat, New Quebec Street, Marylebone.
Turnbull: “Ten years ago Barry and I opened the Thomas Cubitt in Belgravia. Since then we have built Cubitt House into the successful family business that it is today. Barry and I are delighted that the introduction of private investment will allow the business to enter into a new and exciting phase. We look forward to building on that early success as we continue to grow the Cubitt House brand and, to this end, we are currently considering a number of new venues. The commitment, drive and responsiveness shown by Fraser, Peter and the team at Sapient was instrumental to the success of this transaction.”
The deal does not include Turnbull’s new venture Open House London Ltd, under which has been launched the Percy & Founders bar and restaurant in Fitzroy Place and upcoming launches in King’s Cross and the Pantechnicon Building in Belgravia.
Unsurprisingly given the make up of their respective estates, both Fuller’s and Young’s were put forward as possible for suitors for the company, which was founded in 2005, whilst Caprice Holdings, the Richard Caring-backed restaurant group, and D&D London were also linked to the business.
