Scottish hotel and pub entrepreneur Nic Wood – son of Aberdeen-based oil and gas industry doyen Sir Ian Wood – has snapped up seven bars from his younger brother, Garreth, in a move hailed as “an exciting deal for both parties”.
Signature Pub Group, which is owned by Nic, said it had expanded its portfolio by buying a large chunk of the business of Garreth’s Speratus Group.
The deal includes the Nox and Paramount bars in Aberdeen, The Auld Hundred in Edinburgh and The Boozy Cow chain, which has outlets in Aberdeen, Edinburgh, Dundee and Stirling.
Speratus continues to own other assets, including the Copper Blossom restaurant and bar in Edinburgh and commercial property in the capital.
There are no planned changes in the shareholding structure of either company.
According to Companies House, Nic, pictured, and Garreth are directors at both firms.
Including the seven businesses acquired from Speratus, the Edinburgh-based group has 21 bars and hotels spread between Aberdeen, Edinburgh, Glasgow, Dundee, Stirling and St Andrews.
Nic said: “This is an exciting deal for both parties and the acquisition has been a very natural progression.”
Signature said it had two other “large projects” in the pipeline and further refurbishments planned.