The London-based business with sites in Borough Yards, Chiswick, Farringdon, King’s Cross and City, and its assets, have been snapped up by private equity business Breal Capital Limited.
Founded in 2005 by Charlie Young, Brett Woonton and Elena Ares, the company operates a number of wine bars under the Vinoteca brand but trade had been impacted over recent years by the pandemic, lower customer levels due to train strikes and an underperforming site in Birmingham, which opened in July 2022 and was closed in May 2023.
The impact on cash flow prompted the directors to seek assistance from financial advisory business Interpath Advisory to explore the company’s sale, refinance and investment options.
Following a review of the options available, the directors took steps to seek the appointment of administrators.
Ryan Grant and Tim Bateson from Interpath Advisory were appointed as joint administrators to VTL Realisations 2023 Limited, which was formerly known as Vinoteca Limited, on 18 August 2023.
As part of Interpath Advisory’s sale of the business and certain assets to Breal Capital Limited, all 150 employees’s jobs have been saved and have been transferred across to the purchaser.
A spokesperson for 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.”
Events to continue
They continued: “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.”
Ryan Grant, managing director at Interpath Advisory and joint administrator, added: “Vinoteca’s bars have been a popular venue for customers across London.
“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. We wish the management team all the best for the future.”