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Wed 27th Sep 2017 - Glendola Leisure buys Handmade Pubs
Glendola Leisure buys Handmade Pubs: Glendola Leisure, which is led by Alex Salussolia, has bought London-based Handmade Pubs. The deal has seen Glendola add The Fox in Shoreditch and The Lansdowne, Primrose Hill, to its portfolio. Salussolia said: “We operate a number of pubs in and around London so are delighted to add these two great pubs into the Glendola family of businesses. Great London pubs endure and fit perfectly into our aspirations to run long-term generational business.” Glendola Leisure is a privately owned pub, bar and restaurant company set up in 1973 by Peter Salussolia. It operates several London venues including Waxy O’Connor’s in Piccadilly, World’s End Pub and Underworld in Camden and Silk & Grain in the city, as well as a number of venues on the south coast and in Glasgow, Edinburgh and Manchester. In its most recently filed accounts, Glendola Leisure reported turnover increased 15% to £39,095,000 for the year ending 26 March 2016 compared with £33,991,000 the year before. Pre-tax profit was up 12.6% to £2,731,000 compared with £2,425,000 the previous year. It also agreed a refinancing with the bank during the period in order to complete the acquisition of Saltire Taverns. In the accounts filed at Companies House, Glendola Leisure stated: “The group has traded well in a very challenging economic environment, which has seen increased costs and competition. At the beginning of the year it disposed of the Cricketers in Cobham and in early 2016 disposed of Brogans in Fulham. On 31 July 2015 the group acquired 100% of Saltire Taverns, which operates Le Monde and the Angels Share in Edinburgh. Following the result of the rent review that was determined on 10 October 2016 the rent on the Rainforest Cafe increased by 55% from £989,000 to £1,530,000. This meant the business was longer viable and as a consequence the directors sold the business on 9 November 2016 to a third party in order to protect the future employment of the staff. The Rainforest Cafe operated in a subsidiary company The Original Rainforest Cafe. In order to complete the acquisition of Saltire Taverns and to cover future developments and plans, the group completed a refinancing with its existing bankers on 31 July 2015.” Chris Bickle, of Savills, represented Handmade Pubs.

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