Tue, 23 Apr 2013 | MBO/MBI
Bowmark Capital, the private equity firm behind the Las Iguanas eateries, has backed a £30 million management buyout of London-based restaurant group Drake & Morgan.
Drake & Morgan’s founder Jillian MacLean bought out her partners, Imbiba Partnership, with support from Bowmark, which also provided capital for its expansion plans. The purchase is backed by debt from RBS Financial Sponsors and is due to be finalised on Monday.
Drake & Morgan has many eateries in the City, which include The Folly, The Drift and the Refinery. It is set to open a further two new restaurants in Holborn and St Paul’s this year. The business says it could see up to 70 restaurants being opened across the UK in the future.
The restaurant has seen rapid growth since it opened with its first eatery in Southwark in 2009. It reported sales of £16.4 million for the year ending 31 March 2012 and pre-tax profits of £1.3 million, showing large increases on the year before.
Ms MacLean told the Financial Times, “With Bowmarks’ support and financial backing, we look forward to accelerating the rollout of the company, both in central London and in other locations [countrywide].”
It has done well to create a female friendly atmosphere in its eateries, which can be unusual in City bars and restaurants. Drake & Morgan also pleases landlords with its tendency to rent spaces on the ground floors of new office buildings in business areas, for its venues.
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