Crazy Bear has announced the sale of the business in a deal that provides “long-term capital to support the group’s ambitious growth plans.”
Executive director Richard Booth and managing director Tom Etridge have completed a management buyout of the business.
In October, the hotel group, known for its eclectic designs and with two hotels featuring in-house restaurants in Stadhampton and Beaconsfield, announced it was seeking new investment as part of efforts to reposition the business. At the time, Etridge mentioned, 'Assuming we get [through] this process in the next few months the way we expect to, we will be launching new restaurants in the early part of next year.'
However, the group announced just before Christmas that it planned to appoint administrators after efforts to attract new investment were unsuccessful.
Commenting on this week’s sale of the business Booth said he was “excited about the opportunities a stable ownership structure and new funding unlocks for our business, our team, and our valued guests”.
The sale ensures that the group’s plans to refurbish rooms and introduce new dining experiences will move forward, including the launch of a new British fine dining restaurant, Oak, at its Stadhampton site early this year. This will be followed by a chef’s table experience led by chef Carlo Scotto.
Etridge added: “We’re thrilled to have concluded this acquisition and are fully focused on continuing to deliver our ambitions for the Crazy Bear, as evidenced by recent announcements related to the appointment of Carlo Scotto at Beaconsfield. These proven culinary talents exemplify the strong aspirations we have for the group’s forward trajectory, and today’s announcement is yet another positive step on that journey.'
