One Leicester Square restaurant and hotel sold to Honky Tonk
One Leicester Street, the 15-bedroom hotel off London's Leicester Square, is to close and be re-launched after being sold by the Unlisted Collection, for an undisclosed sum.
Set within a five-storey Georgian building in the heart of Chinatown, the property has been bought by the team behind the American-style diner Honky Tonk restaurants in Clapham and Chelsea. It will continue to trade in its current format and will be re-designed and re-launched by the end of the year.
The property has had a chequered history since before opening as the St John Hotel in April 2011. Its then owners, chef Fergus Henderson and Trevor Gulliver, ran into difficulties with the renovation of the building, resulting in a lengthy delay to the launch of the project.
The business, praised for its cool, contemporary interior, fell into administration in October 2012, just days after its restaurant achieved its first Michelin star.
Earlier this year the Unlisted Collection called in leisure property advisors Davis Coffer Lyons to look at the options regarding selling the business.
Josh Leon, restaurant property consultant who advised the Unlisted Collection, said: "There was a lot of value in the assets as is so often the case in central London, and it was clear a sale at a very good price was possible.
"But to achieve a good result it was imperative to keep it virtually under wraps, also to protect the business. Restaurants and hotels are incredibly sensitive to any rumours. I was therefore asked to rely on my network rather than go to the market."
Staff currently employed at One Leicester Street, will be offered the opportunity to remain with the Unlisted Collection at one of their other properties. There will be no redundancies.
Singaporean entrepreneur buys St John hotel out of administration >>
