Real Business

It's far from Champagne time in the economy, but Searcys, which runs champagne bars at prestigious venues such as St Pancras Station, has just received £8m backing to go independent. Some of the funding comes from Barclays Corporate Finance; and an unnamed Indian businessman has taken a majority stake in the business, with the management holding 15 per cent. Searcys was previously owned by the Alternative Hotel Group, operator of De Vere Hotels.

Doug Tetley, Searcys CEO, joined the firm from Aramark earlier this year. He's a New Zealander by birth and an experienced food and drinks industry executive who will now bring his talents to running Searcys as an independent business. He studied at the University of Reading, and has worked at Mitchell & Butler and Aramark. Here's how the corporate profile describes him: "Over the past twenty years Doug has built an excellent career in hospitality retailing and business unit management. He has held a number of high profile and key senior level appointments in the UK leisure market including Managing Director of Aramark’s UK business portfolio, Director of Browns Restaurants for Mitchells & Butlers and as Commercial Director for City Screen."

Tetley's key right-hand man will be finance director Rodney Hicks:

"Rodney Hicks has worked within the Finance field for 12 years holding down a number of senior positions within the catering and hotel industry including Sodexho, Express by Holiday Inn and other reputable catering companies." He joined Searcy's in 2008.

Searcys' most prominent outlet is the restaurant at the top of London's Gherkin tower. The newly independent firm plans to open many more such venues. Let the good times roll.