Rogano's, Glasgow’s premier restaurant and bar on Royal Exchange Square, has been sold off an asking price of offers over £6m to Glasgow-based Lynette Leisure Group who will take over in the later part of August 2006.
Alan Creevy of Creevy LLH, Scotland’s leading Licensed Trade agents who handled the sale on behalf of the vendor, the Spirit group, says that the Rogano is Glasgow’s best know Restaurant & Bar with a long tradition for fine dining quality seafood and of course the Champagne Bar with its celebrity clientele.
"As expected there was a great deal of interest in purchasing this property from throughout the UK. Due to the level of interest a closing date for offers was set in June of this year just weeks after marketing commenced and Lynnette Leisure has been the successful purchaser," says Mr. Creevy.
"Lynette is developing a large new bar /restaurant and entertainment complex above and around the property and is now able to capitalise on the synergies between the Rogano and their existing operations."
All staff at the Rogano, including chefs and senior management, will be taken over by the purchaser. "It is very much business as usual but no doubt some subtle changes will take place to improve the customer experience whilst continuing to maintain the ambience at this unique property," says Mr Creevy.
“The market for Bars , Restaurants and Hotels remains very buoyant in Scotland with the Rogano sale being only one example of the many multi-million pound Bar and Restaurant transactions completed by Creevy LLH this year.
“The Rogano sale was slightly unusual in that we undertook an open marketing campaign and for a business of this size the norm is often a confidential placing by us to known purchasers. None the less the benefits of open marketing were to speed up the sale process with a very quick marketing to completion period,” adds Mr Creevy.