SandpiperCI, owned by Duke Street, the European mid market private equity firm and Europa Capital, the independent real estate fund management group, has announced that contracts have been exchanged for the sale of its Hospitality Division to LGV Capital. The deal is subject to the approval of the Jersey Competition Regulatory Authority.  Financial details of the transaction have not been disclosed.

The Hospitality Division comprises 65 pubs located in Jersey, Guernsey and Alderney, the Jersey Brewery and two drinks distribution businesses, Victor Hugo (Jersey) and Bucktrout & Co (Guernsey).

The businesses will be led by a new Chief Executive, Mark Crowther, the former Chief Executive of London Town plc, who will be supported by existing Hospitality Division directors, Declan Hearne (Finance Director) and Kenrick Brooks (Operations Director).  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.

Since its acquisition of CI Traders last summer, SandpiperCI, with the support of Duke Street and Europa, has refocused the strategy to promote further investment in its core retail businesses. This has been achieved whilst improving its offering and customer service, benefiting consumers and the local economy. The business has been able to capitalise on both Duke Street’s retail and consumer expertise and Europa’s real estate experience.

SandpiperCI was advised on the disposal by McQueen and by David Myers, of Delamere Consulting LLP and former Chief Executive of Avebury Taverns.

SandpiperCI CEO, Tony O’Neill comments:

 
"The completion of these sales is another step in SandpiperCI’s strategy of focussing and investing in its core retail businesses in the Channel Islands. We have a significant programme of further store improvements and refurbishments planned over the coming months.  We are delighted that LGV has acquired these market leading businesses and their sector expertise will help guarantee the continued success and offer even greater opportunities for their loyal staff and customers."

Charlie Troup, Director, SandpiperCI and Partner, Duke Street Capital comments:

"Since last summer we have implemented a more focused strategy for SandpiperCI, and the results and continued development of the business are a testimony to the combined expertise of Tony O’Neill and the SandpiperCI management team. SandpiperCI has ambitious plans and we are delighted to be able to support it in its growth. We wish LGV well in taking the hospitality and drinks businesses forward.”

Noel Manns, Director, SandpiperCI and Principal, Europa Capital comments:

“The management of SandpiperCI has done a great job this year. Working alongside Duke Street Capital and ourselves, management has progressed the business for the benefit of the local economy, improving both the range and product offering as well as maintaining local ties. The Hospitality Division has a strong market presence across the Channel Islands and is well-placed to continue its success under Legal and General Venture’s focussed approach and stewardship.”

Contact:
George Fleet
Tel: 020 7484 8800