Restaurateur Garreth Wood has sold two pubs including one in Aberdeen to Glasgow club tycoon Stefan King.
Although the sale price for pubs, which includes the Illicit Still on Broad street, was undisclosed, Mr Wood’s firm Speratus Group revealed it would invest £500,000 in existing outlets and expand its range of burger bars.
The staff at the Illicit Still and The Golf Tavern in Edinburgh have transferred to Mr King’s G1 Group, which owns Aberdeen’s Palm Court Hotel as well as the Corinthian Club in Glasgow and Ghillie Dhu in Edinburgh.
Speratus is targeting Stirling for a new outlet of the Boozy Cow chain of burger bars.
The group now comprises Nox and Paramount night clubs in Aberdeen, the Auld Hundred, 99 Hanover Street and Copper Blossom in Edinburgh and Boozy Cow burger and cocktail bars in Aberdeen and Edinburgh.
Martin Brown, managing director of Speratus, said the deal was hugely positive amid a challenging economic climate.
“These are exciting times at the Speratus Group as we focus on reinvesting in our venues as well as opening additional Boozy Cow burger and cocktail bars in new locations in Scotland and England.
“We are moving ahead with our plans to expand the Boozy Cow concept and will be opening our new venue in Stirling in early September, and we are actively exploring opportunities in other cities across the UK.”
Mr Wood, the son of billionaire Sir Ian Wood, has pledged to hand over all profits from the burger chain to charity. Last year, more than £250,000 was shared out amongst five charities.
