New World Pub Co set for roll-out after funding deal
CHESHIRE leisure company Living Ventures’ subsidiary the New World Pubco, has agreed a £2.7m funding deal to expand its Botantist and Oast House brands.
The deal with Hill Capital Partners Food & Beverage Fund, a specialist fund operated by Paul Campbell’s Hill Capital Partners and LDC,will see the New World grow from three sites to up to 20 in the next years.
New World Pubco, which was founded and developed by Tim Bacon and Jeremy Roberts of Living Ventures in 2011, currently operates two highly successful pubs in the North West, The Oast House in Spinningfields, Manchester and The Botanist in Alderley Edge.
A second Botanist pub has opened last week at the new Leeds Trinity shopping centre.
Paul Campbell, founder of Hill Capital Partners said: “I am delighted to be investing in this fabulous young business alongside Tim Bacon and Jeremy Roberts. As a customer I was immediately won over by the fantastic drinks and food, and also the unique décor of the pubs. I am excited to be supporting the expansion of this excellent business across the UK.”
Tim Bacon, chief executive of Living Ventures, said: “We are delighted to be metaphorically jumping into the sack with LDC and Hill Capital for the development of the New World Pub Company. Grown up investors who get what we are about and see the opportunity.”
Jeremy Roberts said the roll-out was likely to be focused on the Botantist, as the Oast House is a “very specific kind of concept.”
“We are really excited, the Botantist is doing very well at Alderley Edge and the early signs at Leeds are promising too.”
Richard Barley, investment director at LDC, added: “Backing high quality management teams in high growth innovative businesses is at the heart of LDC and this investment exemplifies this focus, whilst demonstrating our continued commitment to invest in ambitious regional businesses.”
The Hill Capital F & B Fund was launched in September last year by Paul Campbell, the former finance director of PizzaExpress and chief executive of restaurant company The Clapham House Group.
It is supported by LDC and is targeting high growth UK-based restaurant and bar businesses which are at a growth stage of development with a small number of outlets but offering potential for significant roll-out expansion.