CG Restaurants & Bars, the operator of Tuttons and Dirty Martini, plans to acquire 12 new sites in London over the next three years, centred on high-end retail and footfall locations, M&C Report understands.
It has kick-started its new multi-million pound London expansion strategy with the acquisition of the Bishopsgate Exchange in the City from Novus Leisure. The site will relaunch in mid-September as the group’s third Dirty Martini bar. It is thought that a premium of c£200k was paid for the site.
The company expects to open three further sites over the next 12 months.
Further plans from the company include consolidating its restaurant and bar operations at Covent Garden, Mayfair, and Soho locations as well as key shopping centres, Westfield and GunWharf Quays.
These include the newly-refurbished Tuttons – widely-regarded as one of London’s flagship restaurants, Fire & Stone, Bitter Sweet and Dirty Martini.
Its non-core Fire & Stone unit at Spitalfields was recently sold to Barworks for it’s the Diner brand.
Chief executive Scott Matthews said: “A City location perfectly complements our existing bars in Covent Garden and Hanover Square so was the natural evolution for the brand. We are excited to have secured one of the area’s most prime locations, which heralds the start of a rapid expansion phase for the group across this great city.
“Dirty Martini reflects the vibrancy of London and its consumers today. Tuttons continues to surpass all expectations- trading at record levels.”
Paul Tallentyre at Davis Coffer Lyons acted on the Bishopsgate Exchange deal.
