Jamies Wine Bar set for expansion after Kornicis secures new funding

24-May-2012 - Last updated on 11-Mar-2017 at 23:58 GMT

Kornicis Group, the London-based bar and restaurant group led by Nick Tamblyn and backed by private equity group NBGI, has obtained new funding, which it plans to use to add five sites to its existing 20-strong estate over the next 12 months.

The group, which operates the Henry J Bean’s and Smollensky’s brands, has agreed a new acquisition facility from Barclays.

The group, which would not comment on the size of the new funding, said that combined with its existing cash flow, the investment would let it expand its core Jamies Wine Bar brand across the capital.

The new funding will also be used for “major refurbishments”, which the group has scheduled to begin across its estate in 2013, including the redevelopment of a large unit next to London Bridge and the Shard.

M&C Report understands that the new funding is part of an initial development facility agreed between Kornicis and the bank, and further funds may become available once the first round of opening targets have been achieved.

The group, which plans to make Jamies a “major City player”, announced it had opened its eighth site under the brand in Suffolk Lane, just off Cannon Street. Tamblyn said the new site was a “great step forward for us”.

It’s in talks on a further five sites for the brand, with further locations in the City of London, the West End, Covent Garden and Soho under consideration. The group said it already had another site in the final stage of acquisition, which it aims to open next month.

Tamblyn told M&C Report that the group still believed there were plenty of opportunities for the Jamies brand in the capital, including sites in affluent areas such as Richmond and Twickenham.

Tamblyn said: “We benefit from a business that is tightly costed and controlled by experienced managers, and it is promising that we are in a financial situation to be able to build a business that we know is successful. Our place in the market is prominent and we will continue to execute this strategy.”