Wolseley restaurant owners Corbin & King offered £38m amid administration battle

Restaurateurs Chris Corbin and Jeremy King, perhaps best known for owning iconic London dining spot The Wolseley, appear to be embroiled in a battle with their company’s largest shareholder amid reports that Corbin & King has gone into administration. Could £38m from a US hedge fund be the answer?

The Wolseley

The American investment firm Knighthead Capital Management has notified Corbin & King that it is prepared to refinance all loans outstanding to the company’s largest shareholder, Minor International.

The news came after reports surfaced that The Wolseley’s owners had been forced into administration by Minor, amid a long-running battle for control of the company.

Minor said that Corbin & King has been “unable to meet its financial obligations,” and after Corbin & King rejected proposals to re-capitalise the company, it was left with “no other viable option than to appoint administrators”.

Jeremy King issued a bullish statement in the wake of the news. “There is absolutely no need to go into administration… It is a power play for the holding company,” he said. “The irony is that it is Minor who have been in financial trouble. Not me.”

Minor International rejected the claims, stating, “Contrary to the picture that Mr King is trying to paint, the business is insolvent”.

The relationship between Mr King and Minor could perhaps be described as fractious at best. My King told the Financial Times (FT) that Corbin & King was trading “extremely well”.

Sky News reports that Knighthead Capital Management has appointed investment bank PJT Partners to “advise on its interest in the business”.

The FT stated that this is the second time Corbin & King has discussed financial backing from Knighthead.

Corbin and King is also attempting to sue Axa to cover losses it sustained during the rolling lockdowns that forced the UK’s hospitality industry to shutter its doors several times during the pandemic.

At the time of writing, it was unclear whether FRP Advisory, who were called in as administrators by Minor International, would engage with Knighthead.

Read More: diners are using Reddit to sell their Michelin-starred restaurant reservations.

Leave your reply

Most Recent Stories

WLC Eats: 20 Berkeley

Douglas Blyde heads to newly-opened Mayfair joint 20 Berkeley to give his assessment on what this manor house-inspired offering from Creative Restaurant Group is in need of.

Where to go for a Negroni in London

As it's Negroni Week, there is no better time to treat yourself to the iconic ruby red cocktail. Here are six of the best spots to drink Negronis in the UK capital.

Restaurant threatens to sue over one-star review

An Australian restaurant is threatening to sue a customer for defamation after she claimed in an online review that the food was "inedible", "greasy" and "limp".

Maggie Jones's shuts doors following electrical fire

The Kensington restaurant has been forced to temporarily close its doors following an electrical fire in August, with plans to reopen in 2024.

Church in Cornwall slammed for installing beer pumps

A church in Cornwall has had beer pumps installed to serve local beer, dividing the congregation in opinion over the decision.

Most Recent Stories

WLC Eats: 20 Berkeley

Douglas Blyde heads to newly-opened Mayfair joint 20 Berkeley to give his assessment on what this manor house-inspired offering from Creative Restaurant Group is in need of.

Where to go for a Negroni in London

As it's Negroni Week, there is no better time to treat yourself to the iconic ruby red cocktail. Here are six of the best spots to drink Negronis in the UK capital.

Restaurant threatens to sue over one-star review

An Australian restaurant is threatening to sue a customer for defamation after she claimed in an online review that the food was "inedible", "greasy" and "limp".

Maggie Jones's shuts doors following electrical fire

The Kensington restaurant has been forced to temporarily close its doors following an electrical fire in August, with plans to reopen in 2024.

Church in Cornwall slammed for installing beer pumps

A church in Cornwall has had beer pumps installed to serve local beer, dividing the congregation in opinion over the decision.