Barworks, the London-based pub and bar group led by Marc Francis-Baum, is focused on further growth after deciding not to take an offer for the business any further.
As flagged up by MCA at the start of the year, the 17-strong group had begun a review of its options for its next stage of growth, after receiving an approach.
However, MCA now understands that the company has ended talks with an unnamed suitor and has no immediate intention of selling the business, which includes its five-strong Grace Land portfolio of pubs.
Grace Land is a joint venture between Barworks and its former operations manager Anselm Chatwin.
It is thought that the company was under no pressure to sell but was testing the state of the current market for London-based pubs and bars, after the approach.
Turnover to the end of June 2017 for the group’s 12 Barworks’ sites is set to be £13.7m, with an adjusted EBITDA of £1.4m, which is on track to hit £3m in the company’s current financial year.
Full-year turnover for the five Graceland sites stands at £2.7m, with adjusted EBITDA of £575k.
The process does not include the group’s sister business, the nine-strong The Diner chain or the recently launched Mare Street Market venture, which is a separate entity outside the group, but has the same shareholders.
The collaboration with Gizzi Erskine is a 10,000sq ft bar, restaurant, coffee roaster and patisserie based in Hackney
Barworks currently operates sites including the Exmouth Arms in Exmouth Market, Commercial Tavern in Commercial Street – of which it owns the freehold, and Singer Tavern in Shoreditch.
