Vinoteca Bought Out of Administration

Hopes raised for survival of Devonshire Road wine bar


Vinoteca on Devonshire Road

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August 23, 2023

Fears that Vinoteca, the wine bar and wine shop on Devonshire Road, may be forced to close have reduced.

The chain went into administration earlier this month, but it has now been bought by a City based private equity firm Breal Capital.

Founded by Elena Ares, Brett Woonton and Charlie Young in 2005, Vinoteca had got into financial difficulty due to inflation, rising energy bills and the impact of train strikes. In the year to March 2022 it had run up losses of over £2million in a pandemic affected year and had warned in its accounts that it needed the support of its creditors to stay in business.

Administrator Ryan Grant 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.”

The deal includes the chain’s five locations which are at London Bridge, Bloomberg Arcade, Farringdon, Kings Cross as well as Chiswick.

Breal Capital has been on the acquisition trail in the drinks industry recently. It acquired Black Sheep Brewery in Yorkshire in May this year and is reportedly considering buying two London-based brewers. Previously its larger investments had been in the steel industry.

A Breal Capital spokesperson added, “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.

“Beyond its outstanding collection of wines and delectable cuisine, Vinoteca distinguished itself through its commitment to education. 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.

“Each bottle of wine has a story to tell. We are delighted that Vinoteca can continue to share these stories.”

 

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