Hotel and bar operator Cairn Group has taken over a popular café bar in York with plans to invest in improvements.
It has acquired The Parish, part of an 11th century former church on the corner of North Street and Micklegate, retaining all 17 staff who worked there.
Cairn Group plans to make a series of improvements over the coming months which will be funded from a £700,000 pot set aside for refurbishments within its estate.
It marks the privately-owned group’s first acquisition after a £101m refinancing deal completed earlier this year.
Cairn Group laid out plans in May to put £50m of the funds raised from the refinance towards an acquisition-focused growth and strengthening of its UK-wide portfolio.
Based in Newcastle upon Tyne, it operates 26 hotels and more than 30 bars and restaurants in the north-east and beyond.
Cairn Group director Naveen Handa said: “We’re really excited to have secured this opportunity in York – a city I’m both personally fond of and have admired as a business destination for some time. The Parish is a truly stunning building with huge potential and our location is ideal for passing footfall.
“The team on-site are all staying on and we’ll be introducing a training programme to formally bring them on board with Cairn Group. The bar will no doubt be a great asset for us and we’re looking forward to getting involved in York’s vibrant leisure scene.”
Mincoffs Solicitors and HSBC Bank supported Cairn Group on the acquisition of the business.
John Nicholson, corporate partner at Mincoffs Solicitors, said: “We have acted for Cairn Group for over 25 years. The Parish is a fantastic addition to the portfolio and we wish them well in their future plans with the venue.”
Over the past five years, Cairn Group has spent over £40m acquiring and improving assets and doubled employee numbers over the same period.
The Parish was sold off market by vendors represented by specialist business property adviser Christie & Co. Its associate director, Ryan Lynn, who handled the sale, said: “We are delighted to announce the sale of The Parish in York and to have achieved a sale price to meet the expectations of the vendors.
“The Micklegate area of York is thriving and has a great reputation for embracing new concepts and supporting new ventures, whether from a chain brand or local operators, and we are sure that the re-launch will be an exciting and welcome addition to the York leisure circuit.”