Former Whitbread bosses buy back dozens of Beefeater restaurants
Former senior managers at Whitbread have led a deal to buy back nearly 60 restaurants from the group, after it wound up its Beefeater and Brewers Fayre chains last month. Common Table Group, a British hospitality firm, has agreed to buy 57 restaurant sites and one Premier Inn hotel from the FTSE 100 hotels giant. [...]
A group of former senior managers at Whitbread has acquired nearly 60 Beefeater restaurants from the company following the closure of its Beefeater and Brewers Fayre chains. Common Table Group, a British hospitality firm, is set to purchase 57 restaurant sites and one Premier Inn hotel from the FTSE 100 hotels giant. The acquisition, supported by Rove360, a hospitality consultancy comprising ex-Whitbread executives, is expected to create 700 new jobs and will see the restaurants reopen from next month.
Common Table Group, founded by Thomas Anderson, plans to invest in refurbishing these establishments and introducing innovative menus. Anderson emphasized the company's commitment to restoring the sites and fostering a local atmosphere where employees can make decisions and shape each venue to cater to its community. The refurbished restaurants will offer barista coffee supplied by Rodeo, a sister group of Common Table Group, with operations in 15 locations across London and Manchester.
This move comes after Whitbread announced a plan to cut £2 billion in costs by closing all non-hotel restaurants and laying off nearly 4,000 employees, citing the impact of rising business rates and National Insurance. Despite facing criticism from one of its largest shareholders, Corvex Asset Management, which has pushed for a board seat and a thorough review of the company, Whitbread remains dedicated to its turnaround strategy.
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