The formation of new leisure company – EH1 Limited – today (Tuesday 26 July 2011), signals a major union between two of Scotland’s leading entrepreneurs, and the evolution of Scotland’s largest leisure group.
The new venture between Kenny Waugh of Festival Group, and Stefan King of G1 Group Holdings PLC, sees EH1 Limited take ownership of some of the capital’s premier leisure assets including Biddy Mulligans & Grassmarket Hotel, Bank Hotel and the Murrayfield Hotel.
Under the terms of the agreement, Waugh becomes Chairman of EH1 Limited. He also becomes a Director of G1 Group Holdings PLC, sitting on the board of the company which oversees G1’s core assets and flagship venues including The Corinthian Club and Arta in Glasgow, and now also the Three Sisters on Edinburgh’s Cowgate.
Sitting within G1 Group Holdings PLC, EH1 Limited strengthens the group’s portfolio and increases its east coast presence.
G1 Group Managing Director Stefan King said: “I’ve been keen to work with Kenny for some time and I am pleased to be able to join him in strengthening Edinburgh’s leisure market. No-one knows the city’s bars, hotels and clubs better than him and to have his in-depth knowledge and experience at Board level will be of enormous benefit.”
“We are both very excited about the road ahead, and look forward to creating a company at the forefront of innovation and standards in Scotland.”
Initial plans for EH1 include a significant capital expenditure programme in excess of £1 million in 2012.