London-founded Vietnamese street food brand acquired in eight-figure deal

A London-based Vietnamese restaurant group has been acquired by a private equity firm in a eight-figure deal.

Tristar has gained a majority stake in Vietnamese restaurant business Pho after securing a eight-figure funding package through SME funding specialist ThinCats.

Founded by Stephen and Juliette Wall in June 2005 with a restaurant in Clerkenwell, Pho specialises in Vietnamese street food cooked daily on site.

Following the deal, the brand will remain a family-run business under new MD Pat Marrinan. The company currently operates 30 restaurants and three dark kitchens across the country, with the latest due to open in Lincoln later this summer.

Patrick Marrinan, managing director of Pho, commented: “It’s a real honour to lead the company through the next phase of growth and, whilst this deal means we have to say goodbye to a great partner in Gresham House, we are delighted to be welcoming Robin and TriSpan to the Pho team.

“I look forward to continuing Pho’s exciting journey alongside our outstanding management team, with the continued support of Stephen and Jules.”

Dave Sherrington, regional head of sales for London at ThinCats, added: “Pho have bucked the trend of many hospitality businesses over the past 18 months – maintaining such a high level of output in the most challenging of environments showcases their impressive levels of commitment and versatility.

“We are excited to see their next steps with this funding and their partnership with Trispan.”