Botanist owner raises glass to funding deal

LEISURE company Living Ventures’ subsidiary the New World Pubco, which has a bar in the recently opened Trinity Leeds development, has agreed a £2.7m funding deal.

The funding will be used to  to expand its The 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.

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 The Botanist pub has opened last week at the new Leeds Trinity shopping centre.

Cheshire-based Living Ventures also owns cocktail bar and restaurant brand The Alchemist, which has also opened at shopping centre Trinity Leeds.

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.”

Mr 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.”

Mr 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 Mr Campbell, the former finance director of PizzaExpress and chief executive of restaurant company The Clapham House Group.