Bar group Kornicis sold in management buy-in

Bar firm Kornicis Group, which counts Jamies and Smollensky's among its brands, has been sold as part of a management buy-in.

The deal, the value of which was undisclosed, sees Richard Stringer and Ian Banks buy the business from NBGI Private Equity. Stringer and Banks were backed by Isfield Investments.

Incoming chief executive Stringer, and chief financial officer Banks, previously held executive positions at Barracuda Group and Soho House respectively.

Antoine Raoux of NBGI commented: "We invested in Kornicis in 2008 and are delighted to have been involved with the current management team who successfully repositioned the business to focus on a core City market leading to strong like for like performances over the last few years."

Stringer said: "This great collection of bars and brands is in good shape and provides an ideal platform for further development and rollout. ‘Jamies' in particular has a strong presence in the City and clearly has potential to be taken to a wider audience. We are delighted to have the opportunity to continue the excellent work carried out by Nick Tamblyn and Colin Stokes and I would like to thank them for their contribution to the company and to this process."

Banks added: "With 17 bars and restaurants based primarily in the City of London and a well-known brand in ‘Jamies' plus the backing of new equity investment we are confident that we shall deliver our ambitious expansion and rollout plans."

Isfield partner and incoming chairman, Simon Vardigans, said: "Having worked with the new management team before, I am confident that they will take advantage of the new ownership and funding structure to build on the strong business foundations that have already been put in place."

Advisors on the transaction were: Coffer Corporate Leisure, Osborne Clarke, Rees Pollock, John Gaunt, Holman Fenwick Willan, DWF and Field Fisher Waterhouse.
Mark Sheehan, managing director of Coffer Corporate Leisure, said: ""The business created strong bidding as it offered buyers the opportunity to acquire a platform in the strongest drinking and eating out market in the world."

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