Mango Lily Leisure acquires Mimosa restaurant amid expansion plans
Cardiff-based entrepreneur Michael Trezise has acquired Cardiff Bay restaurant, bar and lounge Mimosa through his start-up Mango Lily Leisure, for an undisclosed amount.
The site will also be rebranded, although the current staff will continue at the restaurant. The menu will focus on fresh, responsibly-sourced produce.
A new and experienced management team is expected to come on board to help drive forward growth; this already includes Leigh Matthews, who has been employed as general manager and who brings 12 years' food and hospitality experience to the role.
The move is expected to be the first in the company's plans to expand into the UK-wide casual dining market over the next five years. It hopes to grow to five sites by the end of 2016, and to 10 by the end of 2019, with the potential for more depending on interest levels from private equity funds.
Trezise sold his Tracesmart Group to Lexis Nexis in 2014.
Commenting on the move, he said: "Eating and drinking out is now established as a behavioural norm. Mango Lily Leisure has significant capital in place to expand its portfolio in key cities throughout the UK. The acquisition of Mimosa is exciting as it's our first and situated in my home town."
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