Minor confirmed that its MINT subsidiary made a winning offer in the final round of bidding for the Corbin & King business this morning (1 April), having already held a 74% interest and controlling board position since 2017.
In a separate statement, King confirmed that his attempt to buy the company, with the support of American investment fund Knighthead, had failed.
“We took part in the auction to try and buy the business and assets of Corbin & King that we didn’t already own, including of course all the restaurants,” he wrote.
“Regrettably, that attempt failed and Minor Hotel Group was the successful bidder, buying the entire business.”
Corbin & King was placed into administration by Minor back in January following an extraordinary breakdown in the relationship between King and his investors. At the time King vowed to buy back the group, which counts The Wolseley, Brasserie Zédel and The Delaunay among its estate.
King added that while he no longer has any equity interest in the business, for the time being he remains an employee.
“I assume Minor will take immediate control of the restaurants,” he added.
“It remains to be seen how the transition will be effected.”
Minor said acquiring Corbin & King is a reflection of its 'long-held strategy to invest in and grow the company’s iconic brand portfolio in the UK and internationally'.
Dillip Rajakarier, group CEO of Minor International, said: “Given the global appeal of Corbin & King Limited’s iconic portfolio of brands, it is no surprise that competition for the business was so strong.
“We are delighted that our offer was accepted, and we can now look forward to building on the existing strong foundations to drive growth in the UK and internationally. We have exciting growth plans for the business and are delighted to embark on this journey with our outstanding employees, the company’s key stakeholders, and, of course, our valued customers.”
