Edinburgh entrepreneur, Billy Lowe, has sold his Saltire Taverns business which includes Edinburgh’s Le Monde and Angels Share Hotels and their associated restaurants and clubs, to the Glendola Leisure Group in a multi-million pound deal on 31 July.
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. Glendola is also a sister company to the Carlton Hotel Collection part of Hotel Management International Ltd (HMI) which is owned by Peter Salussolia’s Foundation Group.
The hotel group currently manages and owns ten four star hotels with about 1000 hotel rooms. Seven of these hotels are located in the Netherlands, two hotels in England and Scotland and one in Belgium, and has one in the pipeline for Market Street in Edinburgh which will have 98 rooms, and two roof terraces.
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 Angels 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 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.”