Balls buys Lewis & Clarke business
Lewis & Clarke, the bar-restaurant business owned by entrepreneurs Steve Wilkins and John Connell, has been sold to Balls Brothers, its larger London rival.
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Although the actual figure has not been disclosed, the deal is thought to value
Lewis & Clarke, which has six leasehold sites, at between £13m and £14m.
Balls Brothers, led by Richard Balls, will add the chain to its existing 10 bars and seven bar-restaurants, which are all located in the City and the West End.
A number of groups are thought to have looked at the business including
Food & Fuel, Novus Leisure and Ultimate Leisure.
It's not the first time Wilkins and Connell have built and sold a bar business, having launched Smith & Jones, which is now operated by Barracuda Group, and Thomas & Carter, which was acquired by Massive.
The Lewis & Clarke business, located in the City and thought to produce underlying profits of about £2m, comprises: the Assembly, Seething Lane; the Gable, Moorgate; the Gallery, Austin Friars; the Last, Shoe Lane; the Prophet, Worship Street and the Sterling, St Mary Axe.
