UK: Cairn Group, Dominvs Group and Fico Group have formed the Savour Group, a joint enterprise that’s acquired the Vapiano UK restaurant chain, safeguarding 209 jobs.
The Italian fast-casual dining chain went into receivership in April. Former Vapiano director Mario Bauer acquired the global brand and franchising rights of the chain in June, and entered a partnership with the Savour Group to buy Vapiano’s UK restaurants.
Bauer is now cofounder and CEO of the newly-formed Vapiano holding company, Love and Food Restaurant Holding.
The Savour Group is a company founded by three family offices: the Handa family who own and run Cairn Group hotels; the Ahluwalia family who run the Dominvs Group, which has firms focused on the hospitality, residential and commercial real estate sectors; and Krit Srichawla, CEO of Fico Group, a company in the food and hospitality sector.
The joint venture will run Vapiano restaurants on Great Portland Street, Bankside and Tower Bridge in London. It will also enter a franchise agreement with Vapiano to operate restaurants in Manchester and Edinburgh.
“This is an exciting investment in the hospitality industry’s future,” said Husnell Ahluwalia, director of Dominvs Group. “As a company, we are always on the lookout for great opportunities led by quality teams. This is a huge opportunity to look ahead at rebuilding an industry which has faced very challenging times recently.”
Naveen Handa of the Cairn Group added: “We are delighted we have been able to help safeguard the future of Vapiano UK and many of its workers. Vapiano is a strong brand and the new owners intend to continue to invest in this brand and are committed to its growth here in the UK.”
Bauer commented: “It was of utmost importance to us to preserve a strong presence in London, a city that is a global showroom for brands such as Vapiano. We were thrilled to be able to forge a strong long-term partnership with the Handa family, an established third-generation family business that shares our philosophy and values. Together with the Ahluwalia family we look forward to growing and sustainably expanding our restaurants in the United Kingdom.”
The Cairn Group has 33 hotels in its portfolio, including the first ever Treehouse London in collaboration with Starwood Capital. The Dominvs Group looks after 12 hotels (owned and under development) including The Dixon in Tower Hill.