Fake 128

About a week ago, strolling along from Waterloo to London Bridge, we took a look at the Refinery in Southwark Street, with a view to lunch. Which, as it happened, never came to pass. But we were very impressed by the large tubs of plastic flowers to stop passers by drifting in among the paying guests.

Investigation later revealed a smart new chain of about twenty bar-restaurants, most of them in central London but with a few outposts out in the provinces. Places like Manchester and Edinburgh. For which see references 2 and 3. While what looks like a gushing trade write-up is to be found at reference 4.

Still further investigation revealed that things were not so smart after all, I dare say virally damaged, and they are now in a CVA. Deloitte's get a share of the action, with a couple of their partners hired to provide support.

Otherwise, mainly guessing, what seems to be a reasonably common trajectory these days. Founded by a couple of entrepreneurial types from South London something over ten years ago. Hit on a successful but expensive formula. Hitched up with the private equity people - never before heard of - at reference 6 to fuel their expansion.

Which leads me to wonder what proportion of our UK commercial activity is now more or less owned by private equity operations which keep a very low profile, which one has never heard of. As opposed to the good old days when all respectable companies were PLC's with shares listed on the London Stock Exchange. Respectable, visible and accountable. No doubt some energetic type at the LSE or the LBS has made a study of all this, but I don't see myself finding the time to run him or her down.

References

Reference 1: https://psmv5.blogspot.com/2021/09/fake-127.html.

Reference 2: https://www.drakeandmorgan.co.uk/the-refinery-bankside/. 'From our cosy lounge area to our semi-private dining space & mezzanine, it’s the perfect place for all-day drinking, dining and unwinding'.

Reference 3: https://www.drakeandmorgan.co.uk/.

Reference 4: https://greycoffee.co.uk/hospitality-interior-insights-bar-restaurant-design/.

Reference 5: https://www.companyrescue.co.uk/guides-knowledge/news/cva-for-drake-morgan-gets-the-green-light-4659/.

Reference 6: https://www.bowmark.com/.