Growthdeck Closes £4.3m Fundraise for Premium London Bar Group Maven Leisure
by Growthdeck Team
18 June 2021News portfolio
Note: The contents of this article are the author's opinion and have not been approved as a financial promotion.
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We have closed a £4.3m fundraise for the exciting new bar group Maven Leisure, completing our largest single raise to date.
Maven Leisure is looking to open at least seven premium bars in central London supported by this funding, which has been structured as £2.3m in EIS-qualifying equity and £2m in mezzanine debt. It will now be used to take advantage of very favourable conditions for acquiring prime landmark London sites.
Maven’s group of bars will be anchored by a landmark new rooftop site on King William Street in the City of London, featuring an all-day, premium, indoor bar and restaurant space, with terraces heated and lit for year-round use and 360° views of the London skyline. Additional sites will be added in the next 12-24 months.
Maven has been established by the current owners and senior management of ETM Group, an operator of 13 premium bars, pubs and restaurants in central London. These include the roof top bar Aviary, The Botanist Sloane Square and premium sports bars Greenwood and Redwood. The team has grown ETM Group from a single site to a business turning over c.£35m with no external equity funding and they are now looking to use this expertise to grow Maven Leisure in a similar way.
Ian Zant-Boer, our CEO, says:
“We are thrilled to be supporting Maven Leisure as it looks to grow and take advantage of the business landscape in the London bar and hospitality sector.”
“Backing the Maven management team presents a brilliant opportunity in London’s premium bar market – they have already built ETM Group to 13 high profile central London venues. This raise allows them to take advantage of highly attractive rents on prime London leisure space and build another successful business on a proven model.”
Ed Martin, Chief Executive of Maven Leisure, comments:
“Hats off to the Growthdeck team in helping Maven raise £4.3m in 7 days. It demonstrates the resilience of the wet led central London market in the eyes of our new investors and is testament to the offer and the strength of the team at Maven.”
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