National pubs and brewing group acquires Chester-based restaurant chain

Pub chain, Greene King, has acquired independent Chester-based restaurant group Hickory’s Smokehouse for an undisclosed sum.

Greene King made its move following the exit of London private equity firm Piper.

Piper took a £6m stake in Hickory’s in 2014.

The American-style smokehouse and BBQ restaurant chain, was founded in 2010 by Neil McDonnell and now operates in 17 locations across the North West, North Wales, the Midlands, Yorkshire and Nottingham.

The team has been operating in Chester for more than 22 years, with Mr McDonnell opening Barlounge in 2000, followed by Upstairs At The Grill, a steakhouse restaurant, two years later.

The first Hickory’s restaurant was opened in 2010 in Chester on The Groves by the River Dee.

The acquisition supports ambitious plans to expand the Hickory’s brand across the UK.

Neil McDonnell said: “This investment from Greene King enables us to bring Hickory’s to lots more guests and will provide our teams with fantastic opportunities for growth and development.”

Hickory’s will continue to be run by the existing management team, led by managing director, John Welsh, and will remain based at its HQ in Chester.

There are no changes for Barlounge and Upstairs At The Grill which will be run independently by Jason Bligh and his teams, led by Jack Brightwell and Richard Parr, as they currently are.

Nick Mackenzie, chief executive at Greene King, said: “Hickory’s is an outstanding business which has established itself as one of the UK’s leading BBQ smokehouse restaurant operators.

“This is a business which has a commitment to authentic hospitality and dining experience, and which has an offer loved by its customers, old and new.

“Hickory’s shares Greene King’s focus on providing quality food and drink at the best possible value and when looking at our stable, it really complements our existing brands. We are confident that we can take Hickory’s to the next chapter in its history, and we look forward to working with John and the whole of the Hickory’s team as we focus on building it into a national dining brand.”

Libby Gibson, partner at Piper, said: “Hickory’s is a fantastic business that has a unique position in the market offering its guests brilliant BBQ food and service. It’s broad appeal to a wide range of guests has meant we have been able to grow the business significantly during our partnership. We have thoroughly enjoyed working with Neil, John and the team at Hickory’s and wish them and Greene King every success as they embark on their next stage of growth.”

BDO advised vendors, Hickory’s and Piper, led by corporate finance partner Harry Stoakes. Sapient advised Greene King.