(Image: Alamy/PA)
A hospitality group has snapped up nearly 60 restaurant sites following a major closure.
Common Table Group, backed by former senior managers from Whitbread, has acquired 57 sites from the Premier Inn owner, including former Beefeater, Brewers Fayre, and Cookhouse venues.
The sites were sold after Whitbread announced plans to shut down all of its standalone restaurants as part of a wider cost-cutting programme.
Thomas Anderson, founder of Common Table Group, said the priority was to get the sites back open and trading "as soon as possible."
The deal, which also includes a Premier Inn hotel, was supported by hospitality consultancy Rove360 and will see 700 jobs created as the restaurants reopen from next month.
Common Table Group plans to invest in refurbishing the sites and launching refreshed menus.
The group will also introduce barista coffee, supplied by its sister brand Rodeo, which currently operates 15 locations in London and Manchester.
Whitbread announced the closures in April as part of a plan to cut £2 billion in costs, citing rising business rates and national insurance as key factors.
Dominic Paul, chief executive of Whitbread, said: "In light of significant cost increases in the form of business rates and national insurance, as well as the implied market discount to our inherent value, we’ve looked hard at the options open to us."
The company’s turnaround strategy led to the closure of its Beefeater and Brewers Fayre chains and nearly 4,000 job losses.
The decision has faced criticism from investors, including Corvex Asset Management, which owns more than six per cent of Whitbread.
Corvex has called for the company to consider a sale and conduct a "rigorous, fact-based review" of its operations.
Rove360, which supported the Common Table Group in the acquisition, previously worked with Whitbread to deliver £150 million in labour cost savings.