Olio will close its downtown location next week. Photo by Michael Thompson.
With a state agency taking over its downtown home, a local restaurant is closing down and selling its assets to an experienced group of caterers.
Olio will close its downtown location at 600 E. Main St. on Dec. 21.
Owner Jason Savedoff said Olio received notice in November that the Virginia Lottery would take over the 6,500-square-foot space on the ground floor of Main Street Centre at 600 E. Main St.
Savedoff said he considered relocating but ultimately decided it would be too expensive to try to reopen in a different location.
He instead struck a deal with Todd Butler and Chad Thompson of Butler’s Unique Catering, who bought Olio’s name, catering business and equipment for $50,000. The deal is scheduled to close Dec. 23.
Jason Savedoff
“Maybe the stars aligned for me to bow out,” Savedoff said. “I’ve been in (the food industry) for eight years and only planned on a year or two.”
Savedoff, a UR grad and former investment banker, opened the first Olio in the Fan in 2007. The downtown location followed in 2011 and was used to expand Olio’s catering business.
He sold the Fan location in January to Matt Fraker and Jason Ferrell of Frostings Bake Shop in Short Pump, according to Richmond.com. That sale was not part of the deal with Butler and Thompson.
Savedoff now plans to focus on RVA Advisors, a business brokerage and small business consulting venture he launched six years ago. The business is based in the Fan out of the One South building at 2314 W. Main St.
“I’m an in-the-trenches consultant,” Savedoff said. “I hold hands and build relationships.”
For Butler and Thompson, who also own Lola’s Out of the Box Lunches at 10 E. Franklin St., the purchase of Olio adds more than 800 clients to Butler’s list of 1,500.
Butler said the Olio brand will live on as a catering option within Butler’s. He said he is considering using some of the Lola’s space at 10 E. Franklin St. as a new lunch spot for Olio.
“It helps us grow,” Butler said of taking on Olio. “Olio has a great name. They have always been our competition. It kind of makes sense to take over and run it.”
The Olio deal is the second acquisition for Butler and Thompson this year. In April, they paid $55,000 for Better Events Catering, a Northern Virginia-based company that does mostly weddings. Butler said he is looking for office space in and around Arlington, and Butler’s will still be based out of Richmond.
“They were both great opportunities,” Butler said of the two deals. “It was one of those things you just couldn’t pass on.”
Olio will close its downtown location next week. Photo by Michael Thompson.
With a state agency taking over its downtown home, a local restaurant is closing down and selling its assets to an experienced group of caterers.
Olio will close its downtown location at 600 E. Main St. on Dec. 21.
Owner Jason Savedoff said Olio received notice in November that the Virginia Lottery would take over the 6,500-square-foot space on the ground floor of Main Street Centre at 600 E. Main St.
Savedoff said he considered relocating but ultimately decided it would be too expensive to try to reopen in a different location.
He instead struck a deal with Todd Butler and Chad Thompson of Butler’s Unique Catering, who bought Olio’s name, catering business and equipment for $50,000. The deal is scheduled to close Dec. 23.
Jason Savedoff
“Maybe the stars aligned for me to bow out,” Savedoff said. “I’ve been in (the food industry) for eight years and only planned on a year or two.”
Savedoff, a UR grad and former investment banker, opened the first Olio in the Fan in 2007. The downtown location followed in 2011 and was used to expand Olio’s catering business.
He sold the Fan location in January to Matt Fraker and Jason Ferrell of Frostings Bake Shop in Short Pump, according to Richmond.com. That sale was not part of the deal with Butler and Thompson.
Savedoff now plans to focus on RVA Advisors, a business brokerage and small business consulting venture he launched six years ago. The business is based in the Fan out of the One South building at 2314 W. Main St.
“I’m an in-the-trenches consultant,” Savedoff said. “I hold hands and build relationships.”
For Butler and Thompson, who also own Lola’s Out of the Box Lunches at 10 E. Franklin St., the purchase of Olio adds more than 800 clients to Butler’s list of 1,500.
Butler said the Olio brand will live on as a catering option within Butler’s. He said he is considering using some of the Lola’s space at 10 E. Franklin St. as a new lunch spot for Olio.
“It helps us grow,” Butler said of taking on Olio. “Olio has a great name. They have always been our competition. It kind of makes sense to take over and run it.”
The Olio deal is the second acquisition for Butler and Thompson this year. In April, they paid $55,000 for Better Events Catering, a Northern Virginia-based company that does mostly weddings. Butler said he is looking for office space in and around Arlington, and Butler’s will still be based out of Richmond.
“They were both great opportunities,” Butler said of the two deals. “It was one of those things you just couldn’t pass on.”
Congratulations to both Jason and Todd! It’s a great move for both of them.