Living Room founder sells his chain
Tim Bacon sells the bar and food business in a deal worth £28m
Tim Bacon the founder of the celebrity hang-out The Living Room has sold the business in a £28m deal.
The Manchester-based business was founded by Bacon, a former actor from Australia, in 1999 and has developed into a chain of 13 bars.
It has been bought by the Newcastle-based Ultimate Leisure Group, which is run by former Yates chief Mark Jones.
Bacon and his business partner Jeremy Roberts will gain about £20m from the sale of the company.
Its buyer is believed to be particularly interested in the company as it focuses on providing food, which is seen by many in the industry as being key to profitability once the smoking ban comes into force next month.
The sale follows a decision by shareholders The Restaurant Group, which holds 40% of the business, to pull out of the Living Room.
Jones said: “The Living Room is an excellent brand with a very attractive customer offer.
“This acquisition represents a big move towards meeting our strategic priorities and at a sensible price.
“At the same time, The Living Room will benefit from much greater investment, particularly as we look to more than double the number of its sites in the next five years.”
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