Living Ventures tucks in to £4m funding deal

RESTAURANT and bar operator Living Ventures, the name behind The Alchemist and Australasia, Gusto and Blackhouse Grills, is tucking into a £4m funding deal.

The Knutsford-based company, owned by entrepreneurs Tim Bacon and Jeremy Roberts, has out-performed the leisure market and will use the funds from Lloyds Bank Corporate Markets to further invest in its portfolio.

Its funding deal includes refinancing and increasing an existing credit facility with the bank.

In a tough market for consumer facing businesses Living Ventures has performed well. Sales have seen like-for-like growth of 3% this year with the company’s Gusto brand, which has nine properties including Cheadle, Didsbury, Knutsford and Alderley Edge, enjoying a particularly strong performance, recording like-for-like growth of 4%.

Tim Bacon, managing director of Living Ventures Restaurants, said: “We are delighted to have secured fresh support for the business through Lloyds Bank Corporate Markets.

“The team in Manchester really understands what we are trying to achieve. We are on a positive trajectory and having still greater financial backing is exactly what we need to consolidate our position in the market.”

Tony Buchan, relationship director at Lloyds Bank Corporate Markets in Manchester, added: “Living Ventures has overcome highly challenging market conditions to record strong growth, which is testament to the strength of its management team.

“This latest financial package provides a platform for more of the same – the company will continue to modernise and strengthen its existing portfolio and that consolidation will reap rewards.”

Living Ventures’ initial success came with establishing and building up the Living Room brand, which was sold for £28m in 2007.

The company’s most recent openings have been focused on the Spinningfields development in Manchester. As well as Australasia and The Alchemist it has in the last three months launched The Oast House – a traditional pub venue with an outdoor BBQ and Peppermint Bay – a deli concept.