CMS advises Fallow on acquisition of iconic OXO Tower Restaurant and Bar from Harvey Nichols owner

CMS has advised Fallow Restaurant on its acquisition of the business and assets of the OXO Restaurant and Bar through a pre-pack administration sale from Harvey Nichols owner Sir Darren Poon.

Located on Level 8 of the iconic OXO Tower on London's South Bank, the OXO Restaurant and Bar is one of the capital's best-known hospitality venues and has been a long-standing fixture of London's dining scene. The acquisition formed part of the wider administration and rescue process involving the Harvey Nichols group, with the restaurant business sold separately to Fallow Restaurant. 

The transaction was completed within just four days from instruction to completion, requiring the coordinated efforts of CMS's corporate, restructuring, real estate, employment, pensions, tax and intellectual property specialists. 

For Fallow Restaurant, owners of Fallow, Roe and Fowl and the successful @fallowchefs YouTube channel, the acquisition represents the latest step in the continued expansion of its hospitality business, adding one of London's most iconic dining destinations to its portfolio.

James Robson, Executive Director and Chairman of Fallow Restaurant Ltd, said: “We could not resist this gem of an art deco landmark. The 8th floor views are world famous and we look forward to working with the incumbent team and landlord to bring some additional character and energy back to this wonderful site. Many thanks to David Roberts and the wider team at CMS who completely hit it out of the park with speed and professionalism under a ridiculously tight timeline. Without this I doubt we would have edged to the front of this contract race.

Initially we will look to empower the current team and then patiently tweak and give some love back to the operation from 2027 and beyond. This will be a work in progress and I'm excited to see how our various media and culinary teams can help bring this beloved site to full potential. We're looking forward to working with the social enterprise landlord which sits harmoniously with our core values and B Corp standards.”

David Roberts, CMS Partner and Head of Leisure at CMS UK, said: "Buying a high-profile restaurant in a matter of days with little information requires a great operator as a client and a very experienced set of lawyers that are familiar with the restaurant business model and know where to look for the issues that really matter. Our team has been built for such deals. It’s been great to work with James, Jack and Will on this deal and help them migrate OXO onto the Fallow platform. As the restaurant is quite close to the office, I think we will be seeing them a lot. Thanks also to my fantastic team.”

The CMS team was led by David Roberts and Jack Richards and included Carys Holland (Corporate); Julian Turner and Ben Bodner (Restructuring & Insolvency); Matthew Speed (Real Estate); Joel Vertes (Intellectual Property); Maria Rodia (Pensions); Edward Arnold (Employment); and Alexander Oldland, Aaron Fairhurst and Rebecca Stewart (Tax).

With over 300 experts in over 40 countries, CMS’s international Hospitality, Travel & Leisure team advises on M&A, financing, development & construction, leases, management and franchise agreements and tax structuring. In addition to advising investors and lenders, the firm also advises operators, brand owners, administrators, construction companies and technology providers.