Founder sells Market Town Taverns
HOSPITALITY firm Heron and Brearley has bought Yorkshire ale and wine bar operator Market Town Taverns.
Market Town Taverns managing director Ian Fozard will remain in post for at least 12 months as part of the deal with the new owner insisting there will be no “fundamental change”.
Mr Fozard started the Knaresborough-based company 12 years ago which now operates 15 premises in North and West Yorkshire.
Steven Taylor, group retail director at Heron and Brearley, said: “Heron and Brearley has been in business for well over a century and has survived and flourished by recognising and seizing new opportunities.
“Given the level of consolidation industry-wide, in the current economic climate an acquisition package of this calibre is rare. Market Town Taverns is a well-run operation and its business model, with a strong focus on delivering excellent customer service complements our own philosophy.”
Heron and Brearley is based on the Isle of Man with a portfolio that includes a brewery, a drinks wholesaler and a collection of convenience stores.
Mr Fozard said: “We are pleased that the values and unique customer proposition which have contributed to our success during the past 12 years have been recognised by Heron and Brearley, an operator that shares our own view that quality of service and product are paramount in today’s difficult trading environment.
“I am confident our joint expertise and the support of our dedicated staff will help realise our respective business aspirations and lead to continued success and growth.
Market Town Taverns was advised by Miles Stanyard, director of corporate finance at Haines Watts Leeds. He said: “MTT is a prime example of the Haines Watts ethos. We look to develop strong working relationships with owner managed and mid corporate clients, as we have with Market Town Taverns since Haines Watts were appointed auditors in 2008.
“The current deal market is far from easy but the MTT sale demonstrates that good quality businesses can still be sold at prices that reflect their value, provided that a professional approach is adopted by both the client and their advisers.’
Legal advice to Market Town Taverns was provided by Paul Emmett, Emma Stubbs and Rebecca Whitehouse of Walker Morris.
