10 Covent Garden sells for £2.75m
12 June 2001
City Bars and Restaurants has secured a financial lifeline by selling its flagship 10 Covent Garden nightclub and restaurant for £2.75m to rival operator Chorion. City Bars and Restaurants called in administrators last month, but this deal is expected to mean it will now resume normal trading. A spokeswoman suggested the company could even start hunting for new sites. Chorion will rename the site Sway and refurbish it over the next four to five months. The sale leaves City Bars and Restaurants with two London sites, 10 Tokyo Joes in Mayfair and 10 Room in Piccadilly. Terry Pullen, chief executive, said Chorion had made an "irresistible" offer that had produced an immediate profit and would enable the "10" brand to expand. All staff and management at 10 Covent Garden are being retained and transferred to Chorion.
