Drake & Morgan, the bar and restaurant group, has doubled the number of sites it owns by acquiring Corney & Barrow Bars Limited in a deal backed by midmarket private equity firm Bowmark Capital.
Corney & Barrow Bars launched as a City-based collection of premium wine bars in 1983 and today operates 11 bars – ten under the C&B name and the destination bar and restaurant, Devonshire Terrace.
The historical Corney & Barrow wine merchant business will continue to operate independently under the direction of chairman Percy Weatherall and managing director Adam Brett-Smith.
Corney & Barrow dates back 230 years and is one of the longest established independent wine merchants in the UK and a holder of two Royal Warrants. Drake & Morgan will continue to work with Corney & Barrow as one of its preferred wine suppliers.
Jillian Maclean, managing director of Drake & Morgan, said: “The acquisition strengthens our presence in the City and we look forward to working more closely with the Corney & Barrow Wine Merchant business, introducing their fantastic portfolio of wines across the Drake & Morgan estate.”
The acquisition forms part of Drake & Morgan’s strategy to build a significant, multi-brand bar and restaurant portfolio in London and regionally.
The next 12 months will see Drake & Morgan add another five sites to the current nine-strong group with openings planned at Heathrow T4, Spinningfields and One St Peters Square, both in Manchester, Edinburgh and London’s West India Quay.
With the acquisition of Corney & Barrow the portfolio will have increased to at least 25 sites by the end of 2017.