Wine bar group Vinoteca has been bought out of administration by Breal Capital, safeguarding 150 jobs and five venues.
The company’s trading has been badly hit by the pandemic, lower customer levels due to train strikes, and an underperforming site in Birmingham.
The impact on cash flow prompted the directors to appoint Interpath Advisory to explore a potential sale, refinance, and investment options.
Following a review of the options, it became clear that it would not be possible to conclude a transaction on a solvent basis, and the directors sought the appointment of administrators.
Ryan Grant and Tim Bateson from Interpath were appointed joint administrators to VTL Realisations 2023 Limited, formerly known as Vinoteca Limited, on 18 August 2023.
Vinoteca operates five London sites in Chiswick, Borough Yards, Farringdon, the City and King’s Cross.
In July 2022 it made a long-planned move out of the capital in Birmingham, but the venue closed in May after less than a year.
The concept was founded by Elena Ares, Charlie Young, Brett Woonton and was previously chaired by serial investor Paul Campbell.
It has an extensive, premium wine list sourced from around the world, with a contemporary restaurant menu of small plates and mains.
Buyer Breal Capital acquired Black Sheep Brewery earlier this year, and subsequently closed three of its four pubs.
A Breal Capital spokesperson said: “Vinoteca is a premier destination for wine enthusiasts, offering an exquisite collection of fine wines from around the world, complemented by an exceptional culinary experience.
“Beyond its outstanding collection of wines and delectable cuisine, Vinoteca distinguished itself through its commitment to education. The establishment will continue to host a series of events, workshops, and tastings led by industry experts, allowing guests to deepen their appreciation and knowledge of the world of wine.
“Each bottle of wine has a story to tell. We are delighted that Vinoteca can continue to share these stories.”
