Vinoteca Bought Out of Administration
Hopes raised for survival of Devonshire Road wine bar
Vinoteca on Devonshire Road
August 23, 2023
Fears that Vinoteca, the wine bar and wine shop on Devonshire Road, may be forced to close have reduced.
The chain went into administration earlier this month, but it has now been bought by a City based private equity firm Breal Capital.
Founded by Elena Ares, Brett Woonton and Charlie Young in 2005, Vinoteca had got into financial difficulty due to inflation, rising energy bills and the impact of train strikes. In the year to March 2022 it had run up losses of over £2million in a pandemic affected year and had warned in its accounts that it needed the support of its creditors to stay in business.
Administrator Ryan Grant said, “After exploring a number of options, we’re pleased to have concluded this transaction which will see the continued operation of the company’s venues and which importantly, safeguards over 150 jobs.”
The deal includes the chain’s five locations which are at London Bridge, Bloomberg Arcade, Farringdon, Kings Cross as well as Chiswick.
Breal Capital has been on the acquisition trail in the drinks industry recently. It acquired Black Sheep Brewery in Yorkshire in May this year and is reportedly considering buying two London-based brewers. Previously its larger investments had been in the steel industry.
A Breal Capital spokesperson added, “Vinoteca is a premier destination for wine enthusiasts, offering an exquisite collection of fine wines from around the world, complemented by an exceptional culinary experience.
“Beyond its outstanding collection of wines and delectable cuisine, Vinoteca distinguished itself through its commitment to education. The establishment will continue to host a series of events, workshops, and tastings led by industry experts, allowing guests to deepen their appreciation and knowledge of the world of wine.
“Each bottle of wine has a story to tell. We are delighted that Vinoteca can continue to share these stories.”
Like Reading Articles Like This? Help Us Produce More This site remains committed to providing local community news and public interest journalism. Articles such as the one above are integral to what we do. We aim to feature as much as possible on local societies, charities based in the area, fundraising efforts by residents, community-based initiatives and even helping people find missing pets. We’ve always done that and won’t be changing, in fact we’d like to do more. However, the readership that these stories generates is often below that needed to cover the cost of producing them. Our financial resources are limited and the local media environment is intensely competitive so there is a constraint on what we can do. We are therefore asking our readers to consider offering financial support to these efforts. Any money given will help support community and public interest news and the expansion of our coverage in this area. A suggested monthly payment is £8 but we would be grateful for any amount for instance if you think this site offers the equivalent value of a subscription to a daily printed newspaper you may wish to consider £20 per month. If neither of these amounts is suitable for you then contact info@neighbournet.com and we can set up an alternative. All payments are made through a secure web site. One-off donations are also appreciated. Choose The Amount You Wish To Contribute. If you do support us in this way we’d be interested to hear what kind of articles you would like to see more of on the site – send your suggestions to the editor. For businesses we offer the chance to be a corporate sponsor of community content on the site. For £30 plus VAT per month you will be the designated sponsor of at least one article a month with your logo appearing if supplied. If there is a specific community group or initiative you’d like to support we can make sure your sponsorship is featured on related content for a one off payment of £50 plus VAT. All payments are made through a secure web site. |