NBGI Private Equity acquires restaurant bars from Food & Drink Group Plc

NBGI Private Equity (“NBGI PE”) has backed the buyout of selected assets from Food & Drink Group Plc (“F&DG”), the bars and restaurant group that owns the Jamies wine bar and Henry J Beans brands.

NBGI Private Equity (“NBGI PE”) has backed the buyout of selected assets from Food & Drink Group Pl (“F&DG”), the bars and restaurant group that owns the Jamies wine bar and Henry J Beans brands. NBGI PE has acquired a portfolio of 17 branded and unbranded managed sites with a geographic focus on London, along with 17 franchise sites under the Henry J Beans brand – including two within Hilton Hotels and 15 international sites.

NBGI PE is backing Nick Tamblyn, an experienced operator in this sector, who joins in a full time role as Chief Executive. Nick successfully developed the Tiger Tiger bar concept and brand and other West End bars, e.g. On Anon, Digress and The Langley, while Chief Executive of Chorion plc (the predecessor of Urbium plc). Nick Gibbons of NBGI PE will also be joining the Board.

The Jamies and Henry J Beans brands have a good level of consumer awareness in the South East market and NBGI  PE sees substantial opportunity to drive improvements to customer service and operations and refresh branding across the portfolio. The acquisition provides a strong platform from which to seek further high quality acquisitions in this sector.

Bank debt for the transaction has been provided by Barclays. Baker Tilly provided corporate finance advice to NBGI PE and legal advice was provided by Berwin Leighton Paisner. Baker Tilly carried out financial due diligence on F&DG, with Pragma providing commercial due diligence.

The transaction was arranged via a pre-packed sale out of administration. Shay Bannon and David Gilbert, business restructuring partners of BDO Stoy Hayward, have been appointed Joint Administrators of F&DG and a number of subsidiary companies on 6 August 2008. The Joint Administrators were advised in the sale process by DLA Piper.

Nick Tamblyn said:
“I am delighted to be part of this buyout and look forward to re-invigorating these sites and brands and then building on the business with new openings.”

Mark Owen, Director of NBGI Private Equity, said:
"The acquisition provides us with an excellent platform from which to expand the Group through the addition of other high quality sites in the future. We are delighted to be backing Nick Tamblyn, a well-respected and experienced operator in this sector and look forward to supporting him in driving operational improvements across the business."

NBGI Private Equity Limited is Authorised and Regulated by the Financial Services Authority.