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Remembers only: group buy Groucho Club and its legacy of celebrity tales Remembers only: group buy Groucho Club and its legacy of celebrity tales
(35 minutes later)
Damien Hirst once put his £20,000 cheque for winning the Turner prize behind the bar, Bono serenaded Bill Clinton and Princess Diana came for lunch. Now the Groucho Club, the London private members’ venue known for its high jinks and hedonism, has been sold to a group of private investors.Damien Hirst once put his £20,000 cheque for winning the Turner prize behind the bar, Bono serenaded Bill Clinton and Princess Diana came for lunch. Now the Groucho Club, the London private members’ venue known for its high jinks and hedonism, has been sold to a group of private investors.
Its current owner, Graphite Capital, announced it had sold a majority stake to a group of private investors led by Alcuin Capital, a fellow private equity firm with an eclectic portfolio that includes the Caffè Nero coffee chain and Krispy Kreme doughnuts.Its current owner, Graphite Capital, announced it had sold a majority stake to a group of private investors led by Alcuin Capital, a fellow private equity firm with an eclectic portfolio that includes the Caffè Nero coffee chain and Krispy Kreme doughnuts.
The sale price was not disclosed, but is rumoured to be around £40m. The Groucho’s chief executive, Matt Hobbs, promised that the new owners would “upgrade the old and worn out parts of the club”, which celebrates its 30th anniversary this year.The sale price was not disclosed, but is rumoured to be around £40m. The Groucho’s chief executive, Matt Hobbs, promised that the new owners would “upgrade the old and worn out parts of the club”, which celebrates its 30th anniversary this year.
He also said they have begun looking for a property in lower Manhattan “so that we can have a long overdue home for members in New York”.He also said they have begun looking for a property in lower Manhattan “so that we can have a long overdue home for members in New York”.
Founded in 1985 by a group of publishers, the Groucho aimed to offer an alternative to the fusty private members’ clubs of St James’s and Pall Mall, although it soon became a different kind of establishment populated by artists and celebrities.Founded in 1985 by a group of publishers, the Groucho aimed to offer an alternative to the fusty private members’ clubs of St James’s and Pall Mall, although it soon became a different kind of establishment populated by artists and celebrities.
Club member Dylan Jones, the editor of GQ, said in 2010 the venue was loathed as much as it was liked, describing it as “a postmodern gin palace catering for every Tom, Dick and Tarquin, a media-centric wet bar for every publishing wannabe, every aspiring film director, every copywriter and hack”.Club member Dylan Jones, the editor of GQ, said in 2010 the venue was loathed as much as it was liked, describing it as “a postmodern gin palace catering for every Tom, Dick and Tarquin, a media-centric wet bar for every publishing wannabe, every aspiring film director, every copywriter and hack”.
The height of its renown came in the 1990s when it was frequented by the likes of Angus Deayton, Nigella Lawson and the enfant terribles of the British art scene. It remains a popular hangout, with Kate Moss and Lily Allen among the celebrities snapped leaving its doors in recent times, although it has lost some of its rougher edges under Graphite’s ownership. The height of its renown came in the 1990s when it was frequented by the likes of Angus Deayton, Nigella Lawson and the enfants terribles of the British art scene. It remains a popular hangout, with Kate Moss and Lily Allen among the celebrities snapped leaving its doors in recent times, although it has lost some of its rougher edges under Graphite’s ownership.
Due to its celebrity clientele, the Groucho is a source of apocryphal – and sometimes unrepeatable – stories. However, the publicist Mark Borkowski told the Independent that one particular appearance had a few too many witnesses. “If everyone had been there who said they were when Bill Clinton went in, the Groucho would have exceeded the capacity of Wembley Stadium.”Due to its celebrity clientele, the Groucho is a source of apocryphal – and sometimes unrepeatable – stories. However, the publicist Mark Borkowski told the Independent that one particular appearance had a few too many witnesses. “If everyone had been there who said they were when Bill Clinton went in, the Groucho would have exceeded the capacity of Wembley Stadium.”
Related: The slow death of Soho: farewell to London's sleazy heartlandRelated: The slow death of Soho: farewell to London's sleazy heartland
According to this story, which combined two of the world’s most famous people in one of its more louche drinking establishments, Bono played “happy birthday Mr President” to Clinton on the club piano as the former leader of the free world rubbed shoulders with startled Groucho regulars.According to this story, which combined two of the world’s most famous people in one of its more louche drinking establishments, Bono played “happy birthday Mr President” to Clinton on the club piano as the former leader of the free world rubbed shoulders with startled Groucho regulars.
But celebrity anecdotes alone have not been enough to drive revenues at an establishment that was hit, like others, by the impact of the recession on late night carousing. The club has attempted to reinvent itself in recent years by running pop-up restaurants at the Hay Festival and hosting parties in Ibiza. Graphite, which oversaw those ventures away from the Groucho’s Soho heartland, will remain an investor in the business through a separate listed vehicle. But celebrity anecdotes alone have not been enough to drive revenues at an establishment that was hit, like others, by the impact of the recession on late night carousing. The club has attempted to reinvent itself in recent years by running pop-up restaurants at the Hay Festival and hosting parties in Ibiza. Graphite, which oversaw those ventures away from the Groucho’s Soho heartland, will remain an investor in the business through a separate listed vehicle, Graphite Enterprise Trust.
Omar Kayat, a Graphite partner, said: “The Groucho Club is a unique institution. It has been a rewarding experience helping strengthen and expand the business. We look forward to supporting the business in the next phase of its growth through the continuing involvement of Graphite Enterprise Trust.”Omar Kayat, a Graphite partner, said: “The Groucho Club is a unique institution. It has been a rewarding experience helping strengthen and expand the business. We look forward to supporting the business in the next phase of its growth through the continuing involvement of Graphite Enterprise Trust.”
But with an apparent nod to the Groucho’s bohemian history, Hobbs reassured members that the club’s character would not change under the new owners. He said: “Crucially, there are no plans to alter the club’s ethos or operation in any way that would change the nature of what we do and how we do it.”But with an apparent nod to the Groucho’s bohemian history, Hobbs reassured members that the club’s character would not change under the new owners. He said: “Crucially, there are no plans to alter the club’s ethos or operation in any way that would change the nature of what we do and how we do it.”