Young’s has bought back three sites from Grand Union, the Luke Johnson-backed London-based bar chain, which was placed on the market last year, MCA understands.
Young’s which will update the market tomorrow morning, has bought back the sites in Wandsworth, Brixton and Camberwell for an undisclosed sum.
MCA understands that Draft House, the Charlie McVeigh-led, Johnson-backed group is in talks to acquire the remaining Grand Union sites.
It is understood that The Grand Union site in Wandsworth will join Geronimo Inns and become the King’s Head; whilst The Grove in Camberwell and the Hope & Anchor in Brixton will join Young’s managed estate.
MCA revealed last year that Grand Union was reviewing its options. Its five other sites are in Camden, Chancery Lane, Farringdon, Kennington and Paddington.
Johnson backed the management buyout in 2013. He currently owns 50% of the company, with Marshall holding the rest of the shares.
A statement on Grand Union’s website said: “After 10 amazing years Grand Union has taken the decision to sell three of our venues.
“As of 22 May 2017 Grand Union Brixton, Camberwell and Wandsworth will no longer be part of the the Grand Union group. We would like to thank our beautiful, happy and loyal customers for their support over the years.”
Grand Union was founded in Camden in 2006 by Marshall and Adam Saword. The latter sold his 50% stake to Johnson.
Coffer Corporate Leisure is believed to have advised Grand Union.