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.
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