The future of London-based wine bar chain Vinoteca has been secured following a sale of the business and its assets to an entity owned by Breal Capital Limited.
The future of London-based wine bar chain Vinoteca has been secured following a sale of the business and its assets to an entity owned by Breal Capital Limited.
Ryan Grant and Tim Bateson from Interpath Advisory were appointed Joint Administrators to VTL Realisations 2023 Limited (‘the Company’) formerly known as Vinoteca Limited, on 18 August 2023.
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).
The Company’s trading has been adversely impacted over recent years 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 the Company’s sale, refinance, and investment options.
Following an extensive review of the options available, it became clear that it would not be possible to conclude a transaction on a solvent basis and as such, the directors took steps to seek the appointment of administrators.
Immediately following their appointment, the joint administrators concluded a sale of the business and certain assets to an entity owned by Breal Capital Limited. As part of the sale, all 150 employees have transferred across to the purchaser.
Ryan Grant, Managing Director at Interpath Advisory and Joint Administrator, commented: “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 Limited, 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.”
