Knight Frank acquires Buttery Restaurant for Two Fat Ladies Group

Knight Frank’s newest partner, David Reid, has scored a coup with his first high profile transaction for the firm by brokering a deal which will see Glasgow’s iconic institution, the Buttery restaurant, acquired by Two Fat Ladies Group.

David acted on behalf of Ryan James, owner of Two Fat Ladies Group, to create a bespoke opportunity for the restaurateur to purchase the Buttery as a freehold from previous owners Baronsgate Estates for circa £700,000. Baronsgate Estates leased The Buttery to Ian Fleming, who agreed to sell his interest to concentrate on his hotel business which includes the Lake Hotel at Lake of Menteith. This creative deal will see Two Fat Ladies Group acquire the Buttery as not only the operator but as landlord for the whole concern.

Two Fat Ladies Group, which already operates two successful restaurants in Glasgow’s West End and Blythswood Street, will augment its presence in the city with a new eatery to be known as Two Fat Ladies at the Buttery. The restaurant is currently undergoing refurbishment and is scheduled to open in August with Two Fat Ladies Group, Head Chef, David Monaghan taking the helm at the new establishment.

A lack of freehold opportunities in Glasgow makes the acquisition of the Buttery a landmark deal for the city and a triumph for Two Fat Ladies Group who will merge with one of the City’s best-known restaurant brands to secure a further foothold in the marketplace.

David Reid, Partner, Knight Frank said: “This is a superb deal for all parties but, most importantly I know that Ryan James and his team will bring a whole new image to the Buttery. There is no question that Two Fat Ladies success in the West End and Blythswood Street will continue at The Buttery.''

“The market for freehold premises in Glasgow is at an all time high and Two Fat Ladies have done very well in acquiring one of Scotland's foremost and award winning restaurants to add to their group''

Ryan James, Two Fat Ladies Group, said: “I approached David to investigate the possibility of purchasing the Buttery as both of our exiting restaurants are operating at capacity and I needed to find new premises to meet customer demand. As the Buttery restaurant was not currently on the market David was instrumental in creating an opportunity to purchase the premises and provided invaluable advice on all aspects of the deal.

“The Buttery is a perfect choice – it has always been one of my favourite restaurants and as an institution in Glasgow it represents an opportunity for Two Fat Ladies to merge our reputation for good value and top class dining with the Buttery’s sophisticated surroundings to create a new restaurant which will be unique, special and intrinsically Glaswegian.”

Clydesdale bank PLC provided Two Fat Ladies Group with the finance for the deal.

David Reid has recently been taken on to handle business sales for Knight Frank, including hotels, restaurants, bars and leisure facilities. He will also have a hand in Knight Frank’s residential division, which has a natural synergy with the hotel and accommodation market, as well as its corporate and investment arms.