Geronimo Inns attracts new funding to accelerate growth of business
Food-led pub group Geronimo has secured £10m of new funding to accelerate growth and more than double its turnover to £30m within the next few years.
As part of the deal Penta Capital, which has investments in La Tasca and EAT, has taken a controlling stake in the business set up by Rupert and Joanna Clevely in 1995.
The group's existing lender Barclays Bank has also committed up to £14.5m
Geronimo, which currently has 15 pubs and annual turnover of £14m, said the injection would allow it to grow in London, the South-east and at airport and railways.
Rupert Clevely, chief executive, said: "Our mission has always been to create a high quality estate of pubs serving great food. This exciting partnership with Penta and Barclays will allow us to accelerate growth."
Husband and wife team Clevely have retained a "substantial" shareholding as part of the deal.
Geronimo recently opened The Black Swan in Ockham, Surrey.
By Chris Druce
