Minor Hotels to spread new brand

Minor Hotels has pledged to expand Corbin & King throughout Britain and internationally after announcing its acquisition of the UK-based restaurant operator yesterday.

Minor Hotels said in a statement that it has taken a significant stake in Corbin & King, allowing it to strengthen its foothold overseas and adding to its portfolio, which includes The Wolseley, The Delaunay, Brasserie Zedel and The Beaumont Hotel.

Executives from both companies declined to disclose the value of the deal.

"Our strategic joint venture will build upon Minor Hotels' history of operating signature restaurants within our hotels and in third-party locations," said Dillip Rajakarier, chief executive of Minor Hotels.

"We took our time to find the right partner to take Corbin & King forward," said Jeremy King, chief executive of Corbin & King.

Minor will take over the shares formerly owned by private equity firm Graphite Capital. Jeremy King and Chris Corbin, who cofounded Corbin & King's in 2003, will remain shareholders and Mr King will continue as chief executive.

Among Corbin & King's assets are six brasserie-style restaurants including The Wolseley in Piccadilly, The Delaunay in Aldwych, Brasserie Zedel in Piccadilly, Colbert in Sloane Square, Fischer's in Marylebone, and Bellanger in Islington. The Company also operates The Beaumont, a 73-room five-star Art Deco hotel.

Bangkok-based Minor Hotels holds 157 hotels and resorts in 24 countries across Asia-Pacific, the Middle East, Europe, South America, Africa and the Indian Ocean.

Minor Hotels is part of Minor International Plc (Mint), which reported a 7% revenue growth rate for the first nine months of 2017, and a 3% growth rate in the third quarter of the year.

Revenue for the company''s hotel and mixed-use business grew by 5% year-on-year in the third quarter of this year. Core revenue was driven by the robust performance of its Thai hotels and Tivoli-branded properties in Brazil and Portugal, as well as by the sales momentum of its Anantara Vacation Club (AVC).

Minor International reported a 24% year-on-year growth on its retail trading and contract manufacturing, thanks to the organic growth of its heritage fashion and contract manufacturing businesses, and revenue from new retail brands.