One of Britain’s most high-profile restaurateurs is stepping aside as the owner of one of London’s most well-known restaurants — The Wolseley.
Jeremy King is leaving Corbin & King (C&K), the company he cofounded, after Minor International won an auction for the firm, which is in administration.
Mr King sent a message explaining the change to regular customers at the chain’s restaurants, which include The Wolseley, The Delaunay and Colbert.
He said: “As you know, after our shareholder Minor Hotel Group appointed administrators over the Corbin & King 'TopCo', we were assisted by Knighthead of New York in taking on the debt that was at issue, with a view to fully acquiring the company.
“We left the appointed administrator in place in order to resolve our dispute with Minor by having a sales process to establish the new owners.
“The final stage of that process — an auction — took place in the early hours of today.
“We took part in the auction to try and buy the business and assets of Corbin & King that we didn't already own, including of course all the restaurants.
“Regrettably, that attempt failed and Minor Hotel Group was the successful bidder, buying the entire business.
“As a result, I no longer have any equity interest in the business although for the time being, I remain an employee. I assume Minor will take immediate control of the restaurants.” Mr King is not expected to stay.
The winning auction bid was reported to be £60 million ($78.8m).
The Wolseley, in Piccadilly and next to the Ritz Hotel, is famed for its menu and staff. Its customers include politicians and A-list stars.
The Wolseley, The Delaunay (and The Delaunay Counter), Brasserie Zédel, Colbert, Fischer’s, Café Wolseley, Soutine and Bellanger all came under the C&K label.
Dillip Rajakarier, group chief executive of Minor International, confirmed the changes.
“Given the global appeal of Corbin & King Limited's iconic portfolio of brands, it is no surprise that competition for the business was so strong.
“We are delighted that our offer was accepted, and we can now look forward to building on the existing strong foundations to drive growth in the UK and internationally.
“We have exciting growth plans for the business and are delighted to embark on this journey.”
