One of Glasgow's most prestigious restaurants has been purchased by a rival restaurateur with the help of Clydesdale Bank.
The famous Buttery restaurant on Argyll Street was ravaged by fire in December 2006, and following its sale, the restaurant which is the oldest and most celebrated in Glasgow, is now owned by Ryan James - proprietor of the award-winning Two Fat Ladies restaurants.
"Clydesdale Bank first got involved with the Two Fat Ladies restaurants 18 months ago when we assisted Ryan with his acquisition of his second restaurant in Glasgow. This venture was a tremendous success and within three months of purchasing the leasehold on the property, we were able to help him acquire the freehold for approximately £250,000," said
Grant Bett, corporate & commercial banking partner at Clydesdale Bank's Financial Solutions Centre in Glasgow.
The £600,000 purchase of The Buttery - to be renamed 'Two Fat Ladies at The Buttery' when it reopens late summer 2007 following a £150,000 refurbishment - completed on Tuesday 19th June.
"This £750,000 project will re-establish one of Glasgow's culinary gems. The Two Fat Ladies restaurants are highly regarded, and we recognise the value that partnering successful Scottish businesses such as this brings. Ryan and his team are ambitious and hungry for growth, and I am glad that we are able to help him achieve his goals," continued Grant Bett.
Ryan James, proprietor of Two Fat Ladies at The Buttery added: "There is a lack of freehold licensed opportunities in the marketplace, and the chance to augment and consolidate the future of the Two Fat Ladies brand was too good to miss.
"The Buttery is known for being a special and unique restaurant, and by merging the two brands we will reinstate a top class restaurant which offers tremendous value for money - and therefore put the Buttery name back on the culinary map," he said.
Knight Frank, Glasgow acted as property adviser on the deal.