Kornicis Group acquires Smollensky’s sites and eyes further opportunities in the bar & restaurant sector

Kornicis Group, the bar and restaurant chain headed by former Chorion CEO Nick Tamblyn and backed by NBGI Private Equity, has acquired the Smollensky’s Bar & Grill brand together with two prime sites at Canary Wharf and the Strand to add to its portfolio of high quality managed bars and restaurants.

This is the first acquisition by Kornicis, following the creation of the Group through the purchase of selected former assets of the Food & Drink Group out of administration in August this year. The acquisition of the two prime Smollensky’s Bar and Grill sites brings the total number of bars and restaurants in the Kornicis Group to 19. The Kornicis portfolio also includes a number of bars and restaurants with a geographic focus on London, including Jamies Wine Bars and Henry J Bean’s.
 
The two well-known Smollensky’s sites, offer premium casual dining in central locations with a focus on value and service. Kornicis believes there are significant opportunities to improve the businesses, including providing a better product offering, more focused marketing campaigns, tighter cost controls and an upgraded service.
 
The transaction was arranged via a pre-packed sale out of the administration of Norham House 1119, formerly part of the Grill Group which owned a larger collection of branded restaurant chains in London and the North of England. David Gilbert and Tony Nygate, Business Restructuring Partners at BDO Stoy Hayward, were appointed as joint administrators of Norham House 1119 in November.
 
Kornicis and NBGI Private Equity received corporate finance advice from Baker Tilly and legal advice from Berwin Leighton Paisner.
 
Nick Tamblyn of Kornicis commented:
 
“We are extremely excited about this acquisition, Smollensky’s is a very well-known brand and the two sites are in prime locations benefiting from high footfall levels. We will improve the sites and are delighted to incorporate them into the Kornicis Group portfolio.”
 
Nick Gibbons, Investment Manager at NBGI Private Equity and Director of Kornicis, said:
 
“Kornicis provides us with a strong platform to make further selective acquisitions of high quality assets in this sector. The acquisition of Smollensky’s demonstrates this by bringing two star performing sites and another well-known brand into the portfolio.”
 
NBGI Private Equity Limited is Authorised and Regulated by the Financial Services Authority.