D&D buys One New Change’s rooftop restaurant
The dramatic rooftop bar and restaurant on top of the One New Change shopping mall on Cheapside has been bought by the D&D London dining group in a deal thought to be worth around £4.5 million.
The sixth-floor terrace venue called Madison, made up of an all-day brasserie and a tapas and cocktail bar, has sweeping views of St Paul’s Cathedral. It was launched in 2011 by the enterpreneur Frank Dowling whose restaurant business was plunged into administration after a tax-fraud probe.
The D&D buy means that three of London’s best-known restaurant operators are now in Land Securities’ £500 million shopping centre. As well as Madison, it houses Jamie Oliver’s Barbecoa and Gordon Ramsay’s Bread Street Kitchen.
It is D&D’s latest major investment in City dining following the launch of the Old Bengal Warehouse restaurant and bar complex and the South Place hotel in 2012.
Des Gunewardena, chairman and chief executive of D&D, said like-for-like sales in the group’s City venues are up around 15 per cent in the first two months of the year, “which is the strongest start we’ve had for many years”.
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