New management have taken over at leading bar and restaurant operator Kornicis Group after it was sold to an investment company.
Isfield Investments has acquired the business from NBGI Private Equity for an undisclosed sum in a deal handled by Coffer Corporate Leisure. It comprises 17 outlets, mainly in the City of London, including Jamies Bars (pictured) and Smollensky’s.
Richard Stringer has joined as chief executive after working at leading bar and pub groups including operations director at Faucet Inn and Barracuda and director of retail at JD Wetherspoon.
The new finance director is Ian Banks whose extensive career in the hospitality sector includes group finance director at Soho House Group and head of finance at Barracuda.
Richard said: “This great collection of bars and brands is in good shape and provides an ideal platform for further development and roll-out. Jamies in particular has a strong presence in the City and clearly has potential to be taken to a wider audience.”
Mark Sheehan, managing director of Coffer Corporate Leisure, said: “We were delighted to advise NBGI Private Equity on the sale of Kornicis Group which includes the well-known Jamies and Smollensky’s brands.
“The business, comprising 17 units, generated significant interest and bidding from both trade and private-equity buyers who were attracted to the opportunity to acquire a platform in the strongest drinking and eating-out market in the world.”
Kornicis Group was formed in 2008 when NBGI Private Equity acquired 17 bars and restaurants from the Food and Drink Group, including Jamies Wine Bars. The following year, it expanded by buying the Smollensky’s brand and its three sites. Other bars in the group include The Saint, Willy’s Wine Bar and Number 25 in the City and Brodie’s in Canary Wharf.