Owners deny £15 million sale of trendy Islington pub chain
PUBLISHED: 15:58 16 May 2011 | UPDATED: 16:47 16 May 2011
The owners of an upmarket Islington-based pub chain insist they have no plans to sell the franchise despite rumours of a £15 million sale.
Adam Marshall and Adam Saword, who own Grand Union, which has its head office in Upper Street, Islington, opened their first bar in Camden Road, Camden Town, five years ago with a small £20,000 bank loan,
The company now has a turnover of £10 million and employs 180 people.
There are now 12 Grand Union bars in London including in Upper Street and in Charterhouse Street, Faringdon, with the latest one opening in Paddington last Friday. (May 13)
Media reports last week suggested that the owners could be looking to sell the business for between £10 million and £15 million.
And Grand Union has now appointed Cavendish Corporate Finance to look at offers from companies to either the buy the business outright or buy equity in the company.
But Mr Marshall said they were just exploring options and had not decided to sell.
He said: “We are focused on running Grand Union and continuing to open new sites. We hope to have 20 in London by the end of next year and then take the brand to other cities.”
When Mr Marshall got the original loan for the first Grand Union he told the bank it was for a car.
He said: “We have achieved a great deal in one of the worst recessions in living memory.
“We have no outside investment or debts with the bank. It has been a great but challenging journey.”
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