Henry J Beans bought by Hartford Group

26 September 2005
Henry J Beans bought by Hartford Group

Bar and grill group Henry J Beans has been bought by the owner of Jamies wine bars for £5.8m.

The five-strong managed chain was established in 1984 and although predominantly wet-led, food from the grill contributes a quarter of turnover.

New owners Hartford Group said the business was complementary to its own and presented an exciting opportunity to expand outside central London.

Hartford chairman Stephen Thomas said: "Henry J Beans has stood the test of time in a constantly changing marketplace and has significant expansion potential."

Henry J Beans has restaurants in Chelsea, Camden, Bristol, Manchester and Birmingham.

The deal comprises £3.6m cash and the repayment of £2.2m of debt, financed with a new banking facility.

The bar and grill company had a turnover of £5.8m in the year to March 2005 and made £600,000 operating profit.

Hartford said with 51 weeks of its financial year completed like-for-like sales remained 3.7% higher than the year before.

By Chris Druce

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