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Veeno bought back from the brink with buyout

Published:  07 March, 2019

Veeno has been saved by investors who have rescued the Italian wine café’s 15-strong estate.

After a week in administrative limbo, the chain has allegedly been bought out by Rodrigue Trouillet, who joined the business as a new partner in at the end of last year.

Veeno is believed to have fallen foul of the slump in the casual dining sector as well as a fast pace of growth over the past few years.

Last May, Harpers reported that the business planned to nearly double its number of outlets from 15 to 27 before the end of 2018.

With customer spending down, the business’s problems follow on from the closing of an unprofitable store in Harrogate, which was up against tough competition from other sites in the area.

Julie Palmer join-administrator at Begbies Traynor, which handled the sale, said: “The restaurant and bar sector in the UK continues to display signs of distress with the adverse effects of the economy on discretionary spend making it difficult to sustain profitable operations. That said, where there is a unique offering and customer experience, as is the case with Veeno, it is hoped that the restructuring that the business has undergone will allow it to prosper going forwards”.

The buyout has saved around 70 jobs.

Founded in 2013 in Manchester, Veeno operates a mixture of company-owned and franchised outlets, with a focus on aperitif drinking and grazing aimed at an after-work crowd.

It serves wine from the family of co-founder Nino Caruso, Caruso & Minini in Marsala, alongside platters of authentic Spuntini (Italian meats and cheeses).