Ex-Simpsons team in new venture
Restaurant group Simpsons of Cornhill has sold eight of its Muswell's café-bars to a management team headed by former managing director Paul Reece, in a £2.03m deal.
Mr Reece resigned from Simpsons last week to set up Crossgate Leisure, which now comprises the Muswell's outlets and 12 leisure centres bought in a separate deal for £1.2m.
As well as chairman and chief executive Mr Reece, the Crossgate team includes Muswell's managing director Alistair McEwen and Simpsons finance director Michael Butcher.
The new venture is financed by private investment scheme CEX Partnerships.
Following the sale, Simpsons parent group, Baldwin, is bringing management of its restaurant subsidiary under the same head office roof. Chief executive Sandy Singh said he expected significant savings in the running of its 20 remaining outlets, which include My Old Dutch and dell'Ugo.
Roy Ackerman will continue as chairman of Simpsons and Antony Worrall Thompson has been appointed managing director.
The 27 Muswell's were acquired by Baldwin in 1993 for £2.65m from Allied-Lyons. Since then, 22 units have been disposed of and the remainder are still up for sale.
