Buy out for Searcys
Searcys has returned to independent ownership after a management buyout yesterday.
The catering and hospitality company, which operates at venues like the Barbican and St Mary Axe (the Gherkin), has been owned since 2007 by Alternative Hotel Group. Chairman Richard Tear and chief executive Doug Tetley led the takeover, helped by £3 million worth of funding from Barclays Corporate.
Tetley commented: 'Searcys has operated for over 160 years in a hugely competitive arena... We plan to focus on the company's core strengths to maintain that success going forward - namely the management of the food and beverage operations at prestigious venues, as well as the identification of other suitable locations for our Champagne Bars.
'This deal will allow our clients complete peace of mind that the principles upon which Searcys was founded are still at the forefront of the business, and will give us the focus to drive and develop our business into the future'
Tear added: 'We shall miss the support and mentoring of the AHG Board but hope that the relationships built up over the last two and a half years will continue informally after our acquisition.'
News item from Imbibe.com, 23-06-2010