Crazy Bear has announced it will sell the business in a deal that will provide “long-term capital to support the group’s ambitious growth plans”.
CEO Richard Booth and CEO Tom Etridge have completed a management buyout of the company.
In October, the hotel group, known for its eclectic design and two hotels with their own restaurants in Stadhampton and Beaconsfield, announced it was seeking new investment as part of a repositioning of the company. At the time, Etridge mentioned, “If we don’t get (through) this process in the next few months as expected, we will be launching new restaurants early next year.”
However, just before Christmas, the group announced plans to appoint administrators after attempts to attract new investment failed.
Commenting on this week’s business sale, Booth said he was “excited about the opportunities that a stable ownership structure and new funding will open up for our company, our team and our valued guests”.
The sale will ensure the group’s plans to refurbish rooms and introduce new dining experiences go ahead, including the launch of new British fine dining restaurant Oak in Stadhampton early this year. This is followed by a chef’s table experience led by chef Carlo Scotto.
Etridge added: “We are thrilled to have completed this acquisition and are fully focused on continuing to deliver on our ambitions for Crazy Bear, as evidenced by the recent announcements surrounding the appointment of Carlo Scotto at Beaconsfield. These proven culinary talents exemplify our strong commitment to taking the group forward and today’s announcement is once again one positive step on this journey.
