Edinburgh entrepreneur, Billy Lowe, has sold his Saltire Taverns business which includes Edinburgh’s Le Monde and Angel’s Share Hotels and their associated restaurants and clubs, to the Glendola Leisure Group in a multi-million pound deal.
This latest multi-million pound deal by Lowe, elevates him to one of the most successful licensed on-trade entrepreneurs of his time, having built up multiple on-trade businesses and successfully sold them, over the course of his 35 year career in the industry.
It means that Glendola Leisure will now add two hotels to its estate which currently includes Waxy O’Connor’s, Alston Bar & Grill and Horton’s in Glasgow, and Waxy O’Connor’s in London’s West End, as well as, various other venues throughout the city.
Lowe set up Thistle Inns in 1988 and sold it to Scottish Brewers for £20m in 1997. He then went on to build a new portfolio of bars and clubs encompassing well-known brands such as The Rutland Hotel, Espionage nightclubs and the Frankenstein Pub Co. He subsequently sold these businesses with Glendola buying his Frankenstein Pub Co. and Signature Pub, The Rutland.
Lowe then set about transforming Saltire Taverns into a Edinburgh based, bar and hotel led venture operation with the initial purchase of a building in George Street which he transformed into Le Monde Hotel. He followed this with the purchase of The Hudson, which he subsequently revamped and renamed, Angels Share, in Edinburgh’s West End.
This latest deal with Glendola Leisure, which concluded on Friday 31st July, saw Glendola take over the two hotel’s with immediate effect. This includes the current employees. Lowe will continue on in an advisory capacity.
Lowe told DRAM, “I am very happy to have sold my business to another family run company in the shape of Glendola. We are delighted that Le Monde and Angel Share along with the Saltire Taverns team will develop further with Glendola who are committed to growing their Scottish business aggressively over the next few years.”
He concluded, “I’m not retiring, I’m looking forward to having a less hands on involvement in this industry, but the freedom to spend a lot more time with my wife Karin and my children Hannah, Billy, Lucy and David. I ask plan to spend more time enjoying my other interests, travelling, playing golf, walking my dogs, Rocky & Olly, and working more closely with my theatre and film production company.”