£10m deal struck at Insider event
A meeting at a Midlands Business Insider event led to a deal between The Cube and Sanguine Hospitality to develop a £10m hotel, spa and restaurant development at the landmark Birmingham building.
The development incorporates a Marco Pierre White restaurant, Steakhouse Bar and Grill, a roof terrace and sky bar and four-star Indigo hotel with member-only health club and spa.
The Cube’s director Neil Edginton told Insider the partnership was arranged after he invited Richard Dickson of Richard Dickson Property Consultancy to Insider's Dealmakers Awards.
Dickson, who is retained by Sanguine to search out locations for hotel and leisure sites, believed the opportunity presented by Edginton at the event was perfect for the Bristol-headquartered business.
Formed in December 2006, Sanguine now has investments in more than £120m of assets across the UK. The business develops and operates a collection of branded and independent properties throughout the UK, including hotels, health clubs, luxury spas, pubs and event venues.
Edginton, Dickson and Nick Taplin, Sanguine’s managing director, proceeded to work on the opportunity and the planned development got underway.
Edginton said: "It was really fortuitous meeting Richard at the event and this just proves how important such networking events are.
"We've worked together at various points through the years and he immediately spotted the opportunity with Sanguine Hospitality that has lead to us welcoming Marco Pierre White and Hotel Indigo into The Cube.
"Sanguine truly understands this visionary scheme and, based on their fantastic track record, we know that they will help make The Cube shine."
The celebrity chef's restaurant will occupy the 25th floor of The Cube and White said: "There is a clear appetite for affordable glamour and quality food in the West Midlands and we're aiming to satisfy that desire in the very heart of Birmingham."
Hotel Indigo will occupy floors 23 and 24 of The Cube.
