Future of wine bar group secured following sale of business
The future of wine bar chain Vinoteca has been secured following administrators completing a sale of the business and its assets.
After TheBusinessDesk.com revealed that Vinoteca posted a notice of intention to appoint administrators on August 14, the company appointed Ryan Grant and Tim Bateson from Interpath Advisory as administrators of VTL Realisations 2023 on August 18.
Founded in 2005 by Charlie Young, Brett Woonton and Elena Ares, the company operates a number of wine bars under the Vinoteca brand from five properties across London (Borough Yards, Chiswick, Farringdon, Kings Cross and City).
Trading has been impacted by the COVID-19 pandemic, lower customer levels due to train strikes and an underperforming site in Birmingham which opened in July 2022 and was closed in May 2023.
The impact on cash flow prompted the directors to engage Interpath Advisory to explore Vinoteca’s sale, refinance, and investment options. Interpath says it became clear that it would not be possible to conclude a transaction on a solvent basis and therefore, directors took steps to seek the appointment of administrators.
Immediately following their appointment, Interpath concluded a sale of the business and certain assets to an entity owned by Breal Capital. As part of the sale, all 150 employees have transferred across to the purchaser.
Ryan Grant, managing director at Interpath and joint administrator said: “Vinoteca’s bars have been a popular venue for customers across London. After exploring a number of options, we’re pleased to have concluded this transaction which will see the continued operation of the Company’s venues and which importantly, safeguards over 150 jobs. We wish the management team all the best for the future.”
A spokesperson at Breal Capital, added: “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.”
