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Thu 12th Sep 2019 - Gresham acquires stake in Vinoteca
Gresham acquires stake in Vinoteca: Private equity firm Gresham House Ventures has acquired a stake in wine bar and restaurant concept Vinoteca, Propel has learned. The current backer of Pho and Rockfish is believed to have beaten Foresight and BGF to acquire a significant minority stake in the five-strong business, which was founded by Brett Woonton, Charlie Young and Elena Ares in 2005, to support its expansion plans. Earlier this year Propel revealed Vinoteca, which will open its first bar restaurant outside London as part of the Paradise development in Birmingham city centre in early 2020, had appointed Dow Schofield Watts London to advise on funding options. Sector investor Paul Campbell acquired a stake in the then two-strong business at the end of 2012. Propel understands Campbell will become chairman of the business on the back of the new investment. Young and Woonton, who met 19 years ago when they worked at Liberty Wines, opened the first Vinoteca in Farringdon before expanding to sites in Marylebone, Chiswick, King’s Cross and the City. Earlier this year the company reported strong sales growth in 2018/19, with total sales in the year to the end of March 2019 up 5.8% to £7.57m. The business saw good overall like-for-like sales growth in the year, particularly at its venues in King’s Cross and Bloomberg’s headquarters in the City. Managing director Young told Propel at the time: “We are delighted with the performance last year, particularly at King’s Cross and Bloomberg, and we are incredibly excited about our plans to open at the Paradise scheme in Birmingham. Vinoteca is increasingly the wet-led tenant of choice in these prestigious developments.”


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