Tue, 04 Aug 2015 | BUSINESS SALE
Saltire Taverns has been sold to Glendola Leisure in a multi-million pound deal.
The established bar and restaurant business includes Le Monde and Angels Share in Edinburgh. The two premises also operate as boutique hotels.
Billy Lowe, local owner and operator of Saltire Taverns, explained that he felt the time was right to sell, telling the Herald that the deal was “a good one for both parties”.
He will remain in contact with the business through a consultancy role for Glendola but is also planning on spending more time with family and travelling.
For Glendola, the deal will help the team continue to expand their portfolio. Alex Salussolia, managing director of the firm, told the paper: “We currently operate a number of businesses in Scotland and we are delighted to add to our portfolio by taking over these successful operations.
“We intend to work with Billy going forward and use our expertise in the hotel and leisure sector to build on his success.”
This isn't the first time the two parties have been involved in an acquisition. Mr Lowe sold the Frankenstein pub outlets to Glendola back in 2011.
Since then Saltire Taverns has performed relatively well and in the 12 months to January 2014 recorded a turnover of £7.4 million and pre-tax profit of £6,307.
View more leisure businesses for sale.
A leading engineering firm focusing on electric power steering solutions and bespoke wiring harnesses serving various industries. It operates as two entities both reputable for maintaining high standards and offering bespoke solutions for clients. In...
Market-leading fruit and vegetable supplier distributing fresh produce and complementary goods both wholesale and D2C. The companys uncompromising drive for customer satisfaction has built strong relationships with across an enviable client base incl...
Turnkey construction services provider completing a range of projects with expertise across maintenance general refurbishment new build and conservation including work on listed buildings. The company provides full-service construction works utilisin...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.