Alex Chesterman, the founder of Zoopla and investor in businesses such as Ceviche and Bounce, has acquired the Harry Morgan brand from the First Restaurant Group (FRG), M&C Report has learnt.
The New York-style deli concept, which was founded in 1948, comprises its original St John’s Wood site, plus five franchise restaurants in Latvia. FRG recently signed a franchise deal to open sites under the brand in Russia.
FRG, which is owned by Harold and Mitch Tillman, has owned and operated Harry Morgan since 1996. It is understood that the company received several offers from private equity groups last year looking to invest in the concept and roll it out to up to 30 sites over the next five years.
It is thought that Chesterman will also look to expand the brand both in the UK and internationally.
Mitch Tillman told M&C Report: “I am delighted that the business which is a great business already, has a great new owner who will honour the traditions and history of Harry Morgan, which was founded in 1948 and is one of North West London’s best loved restaurants. “
Last September, FRG sold the Running Horse, one of the oldest pubs in London’s Mayfair, to a new venture led by James Chase and Dominic Jacobs.
The sale of Harry Morgan leaves it with a three-strong London-based pub estate – The Summerhouse, the Waterway and the Clerk & Well.
It is understood that the group will now concentrate on growing this estate and has identified several waterside locations to open more units along the lines of its current Waterway and Summerhouse sites.
