This Is Guernsey

By Tom Edwards

One of the Guernsey pubs belonging to the hospitality division of Sandpiper CI which the company wanted to sell.

CONTRACTS have been exchanged on the sale of Sandpiper CI’s entire Channel Islands hospitality estate and drinks distribution division.
The deal, with Legal and General Ventures, is subject to the approval of the Jersey Competition Regulatory Authority.
Included are 65 pubs in Jersey, Guernsey and Alderney, the Jersey Brewery and two drinks distribution businesses – Bucktrout & Co in Guernsey and Victor Hugo in Jersey.
Financial details of the transaction have not been disclosed.
Sandpiper CI CEO Tony O’Neill said the sale was another step in the private equity firm’s strategy of focusing and investing in its core retail businesses.
‘We have a significant programme of further store improvements and refurbishments planned over the coming months,’ he said.
‘We are delighted that LGV has acquired these businesses and their sector expertise will help guarantee the continued success and offer greater opportunities for their loyal staff and customers.’
The acquisition marks LGV’s return to the pub industry and follows its successful investment in The Unique Pub Company, a large UK-based firm sold to Enterprise Inns in 2004.
The businesses will be led by a new chief executive, Mark Crowther, the former chief executive of London Town plc.
‘We are excited to be partnering with LGV, which shares our vision to invest and develop these businesses further,’ said Mr Crowther.
‘We are confident that the business will thrive under LGV’s ownership and that the benefits will be felt by all of our customers, suppliers and staff.’
Mr Crowther will be supported by existing finance director Declan Hearne and operations director Kenrick Brooks.
Current CI Hospitality head Ed Daubeney will join the board as a non-executive director, as will a new non-executive chairman, Graham Turner, chief executive of The Tragus Group of restaurants.
It is LGV’s third investment alongside Mr Turner, who was chief executive of both The Unique Pub Company and Tragus.
LGV managing director Bill Priestly said he was delighted to have exchanged contracts.
‘LGV has a proven track record of investments in high-quality, asset-based leisure businesses and we are looking forward to supporting the management team as they develop the business further.’lifestyle.’

Article posted on 31st May, 2008 - 12.00pm