Faucet Inn acquires Ramsay's The Warrington
Faucet Inn, the London and south-east multiple headed by Steve Cox, has agreed to acquire The Warrington in London's Maida Vale from Gordon Ramsay and Chris Hutcheson, for an undisclosed sum.
The pub, a flagship former Victorian hotel and pub, was acquired for around £5.2m in 2006 and was placed on the market earlier this year with a price tag believed to in the region of £5.5m.
A spokesperson for Gordon Ramsay said: "We can confirm that the sale of The Warrington has been agreed and contracts have been exchanged with completion in August. The operation is not part of Gordon Ramsay Holdings but is jointly owned by Gordon Ramsay and Chris Hutcheson, both of whom have agreed to the sale."
The sale of the venue, which features a Grade II-listed saloon and an art nouveau interior, leaves the high profile chef with one pub, The Narrow in East London.
Nick Gibson, owner of the Drapers Arms in Islington, bought the Enterprise Inns lease of the Devonshire in Chiswick, Greater London, which Gordon Ramsay Holdings closed a year ago after losing money, in May.
Ramsay is understood to have spent £800,000 refurbishing the Warrington after he acquired what was supposed to be the launch pad for a chain of gastropubs.
The acquisition of The Warrington takes Faucet Inns' estate to 25. It recently acquired the freehold of one of its pubs - Catcher in the Rye on Regents Park Road - for £1.1m. Last year it acquired a package of six pubs from Mitchells & Butlers.
Davis Coffer Lyons' Pub team advised Gordon Ramsay, while AG&G advised Faucet Inn. Restaurant Property acted for Chris Hutcheson.
