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Vinoteca sold out of administration saving 150 jobs

The future of the Vinoteca wine bar group has been secured following a sale of the business to a London-based investor.

Administrators were called in to Vinoteca, which was founded in 2005 and operates five London bars, on 18 August after it struggled with a drop in trading.

The business and certain assets were immediately sold to an entity owned by Breal Capital Limited, saving all 150 staff jobs.

It comes three months after Breal Capital acquired Yorkshire's Black Sheep Brewery, including its four pubs, out of administration in a rescue deal.

Vinoteca's balance sheet had been impacted by the pandemic and lower customer levels due to train strikes, administrators said.

In May, the wine-focused group closed an underperforming bar in Birmingham, which had been its first site to launch outside of London, after less than a year of trading.

The directors then engaged Interpath Advisory to explore its options and appointed administrators after the business could not be sold on a solvent basis.

A spokesperson at Breal Capital Limited 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.

'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.'

Vinoteca was founded by Charlie Young, Brett Woonton and Elena Ares and operates bars in Borough Yards, Chiswick, Farringdon, Kings Cross and the City of London.