The brand will continue trading at its existing three sites in Covent Garden, Westfield Stratford and at the 02 Arena, as well as the Saudi franchise business thanks to the investment via new platform Cherry Equity Partners.
The deal, which safeguards the jobs of all 72 restaurant employees, is described as a ‘pivotal moment for the brand, putting in place a sustainable financial platform on which to invest and drive future growth’.
“We are delighted to have completed the acquisition of the Cabana business and are confident that this new investment will enable us to focus on growing the brand and unlocking its full potential,” says Standring.
“This is the first acquisition by our new Cherry Equity Partners investment platform and, whilst the year ahead is going to be tough for the sector, we do see it as a time to grow.”
Cabana had been working with its advisers to explore investment options that support its ongoing operations and expansion plans. The sale process, managed by Interpath Advisory, attracted interest from a range of potential buyers, it says.
“We are pleased to have guided Cabana through what has been a challenging period for operators right across the hospitality sector,” says Ravi Patel, associate director at Interpath Advisory.
“This deal secures jobs, continuity, and puts in place a solid foundation for future growth under new ownership.
“We wish Ed and the team at Cabana all the best as they embark on this exciting new chapter.”