The sale of bar and restaurant group Kornicis, has been completed on behalf of NBGI Private Equity.
The portfolio, which includes 17 bars and restaurants based primarily in the City of London, was bought by Isfield Investments for an undisclosed sum. The deal will see Isfield chief financial officer Ian Banks, formerly of Soho House join forces with incoming chief executive Richard Stringer, formerly of Faucet Inn, Barracuda and JD Wetherspoon.
Mark Sheehan, Managing Director, Coffer Corporate Leisure, said, “We were delighted to advise NBGI Private Equity on the sale of Kornicis Group which includes the well-known ‘Jamies’ and ‘Smollensky’s’ brands. The business, comprising 17 units, generated significant interest and bidding from both trade and private equity buyers who were attracted to the opportunity to acquire a platform in the strongest drinking and eating out market in the world.”
Richard Stringer said: “This great collection of bars and brands is in good shape and provides an ideal platform for further development and rollout. Jamies in particular has a strong presence in the City and clearly has potential to be taken to a wider audience.”