First round of bids for Alchemy-Partners backed TCG due

Alchemy Partners appoin-ted PricewaterhouseCoopers (PwC) to oversee the sale of the business, which is valued at around £100m.

It is thought that a mixture of private equity and trade players have expressed an interest in part or all of the group, although it is understood many possible suitors have yet to fully cement their interest in the business.

TCG (Tattershall Castle Group), which operates brands such as Bar 38, was formed in 2005 with the
purchase of 178 Spirit pubs for £177m. It includes the Henry’s chain, which has sites in Covent Garden and Piccadilly.

The company has a mix of leases and freeholds with mainly commercial landlords and is focused on three main market sectors — local pubs, young people’s venues and “quality” venues.

It has continually trimmed its estate over the past few years and entered refinancing talks with its lender, IBRC, which was previously known as Anglo Irish Bank, back in June 2010.

The company’s bank facility currently runs until December this year.

Last week, TCG opened a new Henry’s Café Bar in Bromley, taking the bar and informal dining brand up to six sites.

Henry’s Bromley opens on the site of the former Ivory Lounge in the town and includes an expanded
Henry’s menu.