SHK Property are joining forces with bar and restaurant group Gastro Taverns, by investing £1 million in a joint venture partnership.
The deal, which was thrashed out in only eight weeks, will see SHK developing its licensed trade property portfolio whilst Gastro Taverns expands alongside.
Already, SHK has purchased a site in Aberdeen and one in Kirkcaldy, which Gastro Taverns will lease and re-develop.
Julian Mobbs, Managing Director of the pub and restaurant group, commented of the plans: “Gastro Taverns intends to work together with SHK as two companies, growing both our portfolios.
“The partnership between our two companies really works – SHK procures the property and leases it back to Gastro Taverns which procures the businesses themselves, all the fixtures and fittings and refurbishes them extensively, so it’s a win/win relationship for both firms.”
Gastro Taverns is converting the Aberdeen site into cafT bar, The Gas Lamp, whilst the Kirkcaldy development is a Scottish grill restaurant, called The Flaming Kilt.
Both 80-cover sites are scheduled to open under their new names this month, and the company hopes the partnership will lead to a further six new developments this year.