MWB sells Bistro du Vin restaurants
The two restaurants, in Soho and Clerkenwell, generated a loss of approximately £330,000 in the 18 months to June last year. The gross asset value of the entire Bistro du Vin business was at £2.7m as of 30 June 2011.
“The disposal of the Bistro du Vin restaurants will ensure that the management team is able to focus its full attention on maximising occupancies and revenues at Malmaison, Hotel du Vin and Business Exchange,” read a company statement.
“The consideration shall be in cash and payable in full upon completion which is expected to be 31 May 2012. It is anticipated that the disposal proceeds shall be used to support MWB's general working capital requirements.”
The Group’s former chief executive Robert Cook told BigHospitality last year that he actually intended to grow the Bistro du Vin concept to 12 sites by 2015,concentrating only on London.
It is currently unclear what the group intends to do with its two Pub du Vin format, sites of which are in Birmingham and Brighton.
Burger & Lobster
Burger & Lobster currently owns a standalone site in London’s Mayfair. The brand is run by the owners of the Goodman Russian steakhouse concept, which itself has three sites in the capital.
MWB, which earlier this year appointed Gary Davis as Cook’s replacement, recently reported that it had successfully reduced its debt to £180m in just six months, with total revenue rising by nine per cent and occupancy and room rates holding firm, but it admitted to a ‘challenging’ year ahead.
