London-based bar and restaurant group Drake & Morgan has bought Corney & Barrow Bars for an undisclosed sum.
Corney & Barrow, which was launched as a City-based collection of premium wine bars in 1983, has 11 sites, with 10 under the Corney & Barrow name, as well as bar and restaurant Devonshire Terrace.
The bars and restaurants will continue to operate independently under Bowmark Capital-backed Drake & Morgan, while the historical wine merchant business will remain under its original ownership, under the direction of chairman Percy Weatherall and managing director Adam Brett-Smith.
Corney & Barrow dates back 230 years and is a holder of two Royal Warrants. Drake & Morgan will continue to work with Corney & Barrow as one of its preferred wine suppliers.
Jillian Maclean, MD of Drake & Morgan, said: "The acquisition strengthens our presence in the City and we look forward to working more closely with the Corney & Barrow Wine Merchant business, introducing their fantastic portfolio of wines across the Drake & Morgan estate".
Percy Weatherall, chairman, Corney & Barrow, said: "We are delighted that Drake & Morgan has acquired our wine bar business and we look forward to a continued and productive relationship as we work with the group to build its wine offering".
Drake & Morgan aims to build a multi-brand bar and restaurant portfolio in London and regionally. The next 12 months will see it add another five sites to the current nine-strong group, with openings planned at Heathrow T4, Spinningfields and One St Peters Square, both in Manchester, Edinburgh and London's West India Quay. With the acquisition of Corney & Barrow the portfolio will have increased to at least 25 sites by end 2017.
Drake & Morgan to open at Heathrow Terminal 4 >>