Crazy Bear hotels confirms sale of the business

Crazy Bear has confirmed it has sold the business in a transaction that secures “long-term capital to fuel the group’s ambitious growth plans”.

 

Executive director Richard Booth and managing director Tom Etridge have completed a management buyout of the business.

 

In October the hotel group, which has two hotels with in-house restaurants in Stadhampton and Beaconsfield and is known for its eclectic designs, said it was seeking new investment as part of plans to reposition the business. At the time Etridge said: "Assuming we get [through] this process in the next few months the way we expect to we will be launching new restaurants in the early part of next year.”

 

But the group announced prior to Christmas its plans to appoint administrators after attempts to attract new investment failed. 

 

In documents seen by The Caterer, Crazy Bear said that it had planned to appoint Grant Thornton to oversee the administration. 

 

Commenting on this week’s sale of the business Booth said he was “excited about the opportunities a stable ownership structure and new funding unlocks for our business, our team, and our valued guests”.

 

The sale means the group’s plans to refurbish rooms and introduce new dining experiences will now go ahead, with a new British fine dining restaurant Oak planned for its Stadhampton site early this year, followed by a chef’s table experience led by chef Carlo Scotto.

 

Etridge added: “We’re thrilled to have concluded this acquisition and are fully focused on continuing to deliver our ambitions for the Crazy Bear, as evidenced by recent announcements related to the appointment of Carlo Scotto at Beaconsfield. These proven culinary talents exemplify the strong aspirations we have for the group’s forward trajectory, and today’s announcement is yet another positive step on that journey."