Wine bar group Vinoteca has been purchased out of administration by private equity firm Breal Capital, saving 150 jobs.
Vinoteca filed for protection from its creditors earlier this month, suggesting that it was close to collapse. Inflation, energy costs and train strikes were all blamed for pushing the wine bars to the brink.
There are currently five Vinoteca sites, all in London. A sixth was opened in Birmingham ahead of the 2022 Commonwealth Games, but closed within a year.
However, the wine bar group has now been rescued by Breal Capital.
Ryan Grant, managing director at administrators Interpath Advisory, 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.”
After the deal was announced, a spokesperson for Breal Capital praised the Vinoteca’s “outstanding collection of wines and delectable cuisine” and said: “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.”
“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,” the spokesperson continued. “Each bottle of wine has a story to tell. We are delighted that Vinoteca can continue to share these stories.”
In recent months, Breal Capital has become a major player in the drinks industry through its acquisition of Brew By Numbers last week, Brick Brewery in Peckham, and Yorkshire’s Black Sheep Brewery.
This article was originally published by the drinks business and has been shared with permission.
