Drake & Morgan, the bar and restaurant group, has acquired the wine bar side of the business at Corney & Barrow for an undisclosed sum.
Drake & Morgan, the bar and restaurant group, has acquired the wine bar side of the business at Corney & Barrow for an undisclosed sum.
It has been announced today that Drake & Morgan is continuing its expansion strategy with the new acquisition via backing from mid-market private equity firm, Bowmark Capital.
Corney & Barrow launched as a London-based collection of premium wine bars in 1983.
The group operates 11 bars - ten under the Corney & Barrow name and the destination bar and restaurant, Devonshire Terrace.
The acquisition forms part of Drake & Morgan's strategy to build a multi-brand bar and restaurant portfolio in London and regionally.
Over the next 12 months, Drake & Morgan are due to add another five sites to the current nine-strong group with openings planned at Heathrow T4, Spinningfields and One St Peters Square, both in Manchester, Edinburgh and London's West India Quay.
Jillian Maclean, MD of Drake & Morgan, said today: "The acquisition strengthens our presence in the City and we look forward to working more closely with the Corney & Barrow Wine Merchant business, introducing their fantastic portfolio of wines across the Drake & Morgan estate".
The historical Corney & Barrow wine merchant business will continue to operate independently under the direction of chairman Percy Weatherall and managing director Adam Brett-Smith.
Corney & Barrow dates back 230 years and is one of the longest established independent wine merchants in the UK and a holder of two Royal Warrants.
Drake & Morgan will continue to work with Corney & Barrow as one of its preferred wine suppliers.
With the acquisition of Corney & Barrow the portfolio will have increased to at least 25 sites by end 2017.
Percy Weatherall, chairman, Corney & Barrow, said: "We are delighted that Drake & Morgan has acquired our wine bar business and we look forward to a continued and productive relationship as we work with the group to build its wine offering".