Ex-Whitbread boss sets sights on Brannigans
Stephen Evans, former managing director of Whitbread's BrightReasons restaurants, is poised to buy the Brannigans chain of bars.
A management buy-in team led by Evans and backed by venture capital firm Phildrew Ventures and the Bank of Scotland is in exclusive negotiations to buy the former bars division of First Leisure. The price is reported to be £65m-£70m.
The group, made up of 14 Brannigans and six other bars, is owned by another venture capital firm, Candover.
It acquired the chain last year when it backed a management buyout of First Leisure's bars and nightclubs division.
But earlier this year Candover took the decision to sell the bars in order to concentrate on its nightclubs.
Evans confirmed he was in negotiations to buy the chain, but added: "It's not a done deal yet."
He hopes to complete the purchase within two to three weeks. If successful, Evans plans to expand Brannigans throughout the UK and put more emphasis on food.
"Brannigans has been run very well, but it's been very liquor- and entertainment-orientated," he said. "It has never focused on the food side. We will bring that expertise to the existing team, who will be staying on."
by David Shrimpton