'Premium' bar group to open seven new London sites following £4.3m fundraise
Seven new premium bars are to be opened in central London following a £4.3m investment.
Private equity investment firm Growthdeck closed the fundraise for bar group Maven Leisure, completing the investment firm’s largest single raise.
The fundraise has been structured as £2.3m in EIS-qualifying equity and £2m in mezzanine debt. It will be used to take advantage of favourable conditions for acquiring prime landmark London sites.
Maven’s group of bars will be anchored by a landmark new rooftop site on King William Street in the City of London, featuring an all-day, indoor bar and restaurant space, with terraces heated and lit for year-round use and 360° views of the London skyline. Additional sites will be added in the next 12-24 months.
Maven has been established by the current owners and senior management of ETM Group, an operator of 13 premium bars, pubs and restaurants in central London. These include the roof top bar Aviary, The Botanist Sloane Square and premium sports bars Greenwood and Redwood. The team has grown ETM Group from a single site to a business turning over c.£35m with no external equity funding and looks to use this expertise to grow Maven Leisure in a similar way.
Gary Robins, head of business development at Growthdeck, comments: “We are thrilled to be supporting Maven Leisure at it looks to grow and take advantage of the business landscape in the London bar and hospitality sector.
“Backing the Maven management team presents a brilliant opportunity in London’s premium bar market – they have already built ETM Group to 13 high profile central London venues.
“This raise allows them to take advantage of highly attractive rents on prime London leisure space and build another successful business on a proven model.”
Ed Martin, CEO of Maven Leisure, added: “Hats off to the Growthdeck team in helping Maven raise £4.3m in seven days.
“It demonstrates the resilience of the wet led central London market in the eyes of
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