Grand Union Group, the London-based pub operator headed by Adam Marshall, has completed a restructure that has left the group with seven “highly profitable sites” in London and set to go back on the acquisition trail with two new openings lined up for this summer.
The group has completed the restructuring with the sale of its site in Islington’s Upper Street to multiple operator Beranmoor Ltd. It also recently sold its site in Ravenscourt Park to Glass Investments Ltd, the company led by entrepreneur and restaurateur Jasper Gorst.
The 200 capacity Upper Street venue was purchased by the privately owned group headed up by Costa Tofan which currently operates five unbranded sites in London including The Lodge Tavern in Ealing Broadway, The Winchester on Essex Road Islington and Betsy Smith, Kilburn.
The venue will be closed for approximately four weeks in August for a full refurbishment similar to the style seen at the Kilburn bar. The remainder of the 25-year tied lease to Enterprise Inns was sold off an asking price of £175,000.
Marshall said: “I’m pleased to have sold GU Islington as it doesn't represent the companies model of £1m plus turnover sites with large external trading space. Grand Union has now completed its restructure and is left with 7 highly profitable sites in excellent London locations and is fit for purpose, we are also looking forward to the opening of two London sites this summer both south of the Thames.”
Grand Union also operates one site in the Home Counties.
Chris Bickle, associate director at Davis Coffer Lyons who acted for Grand Union, said: “This was an off market campaign that yielded strong interest from a wide range of independent operators. Upper Street remains one of most sought after locations in London and has a diverse drinking and eating out scene. Islington remains one of the most active areas for sales and acquisitions of pubs, bars and restaurants at Davis Coffer Lyons with demand outstripping supply.”
