Exhibit B bar in Clapham’s Old Town, south London has shut after only a year in business.
Operations director Karen McLeod said the company had made the decision for “financial reasons”.
The company, owned by Tim and Drew Weatherhead, is now ploughing money back into its remaining site, the Exhibit, in Balham, which will double in size with a new function room and cocktail bar by September.
“Sometimes you need to sell something to invest in something else,” said McLeod.
The price of the sale was undisclosed.
The site has been bought by Leisure Care Property Investments – a new company set up by Graham Taylor, which will be operated by his sons Russell, 28, and Howard, 26.
Following completion, the site will undergo an eight-week refurbishment before relaunching in September as a bar and midmarket grill restaurant using all British produce.
Russell Taylor, formerly at Gordon Ramsay’s Pengelley’s restaurant in Knightsbridge, will be operations director alongside Quintin Dawson, previously general manager at Clapham’s Rapscallion restaurant. Howard Taylor will be finance director.
Stephen Cane and Co acted for Leisure Care Property Investments and Gilmarc Associates acted for the Exhibit.