Manchester commercial law firm and leisure sector specialist Kuits has advised Sovereign Mines of Africa on the conditional purchase of gastropub group Turf to Table.
The deal, with an initial consideration of £645,000, will see Sovereign renamed to The Barkby Group and become the operator of three gastropubs with a total of 38 hotel rooms in Gloucestershire and Oxfordshire.
The consideration will be payable by Sovereign on admission of its ordinary shares to trading on the NEX Exchange Growth Market. An additional consideration of up to £560,000 is payable in three tranches depending on the satisfaction of certain profit targets.
Turf to Table was founded in 2008 by acclaimed executive chef Sebastian Snow in 2008, who has worked under leading chefs including Antony Worrall Thompson and went on to run highly regarded restaurants, including Snows on the Green in West London.
Leisure and hospitality sector specialist Kuits provided a comprehensive commercial and legal offering to Sovereign, integrating corporate, commercial property, licensing and employment advice.
Corporate partner Kirsti Pinnell led the acquisition, supported by commercial property partner Stephen Lopeman, who advised on new leases for two of the gastropubs, The Bull Hotel and The Five Alls.
Partner Felicity Tulloch advised on licensing proposals, while solicitor Claire Treacy advised on the employment aspects of the transaction.
Kirsti Pinnell said: “The strength of our leisure advisory offering and depth of experience within our teams meant that we were able to pull in expertise from across the firm to ensure the success of this complex and multi-faceted transaction.
“Leisure is an attractive, high-growth sector in the UK and as such we expect to see greater numbers of acquisitions and an increase in investment activity going forward.”