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Private equity firm invests £8m in Be At One

31 October 2011 by
Private equity firm invests £8m in Be At One

A private equity firm has invested £8m in London bar firm Be At One.

Piper took a "significant" minority stake in the business, which was founded by three former TGI Fridays bartenders, Steve Locke, Rhys Oldfield and Leigh Miller.

The news comes as the firm opened its 12th bar in the capital, at Monument.

Piper is the firm behind the Pitcher & Piano brand, and has also had a hand in the expansion of Las Iguanas.

Meanwhile, Be At One has appointed Andrew Stones as operations director. Stones has previously worked at Whitbread, Wetherspoons and Pizza Hut. And Mark Derry, formerly of Loch Fyne and Brasserie Blanc, has joined as chairman.

Peter Kemp-Welch of Piper said: "We are delighted to have invested in Be At One. We are backing a strong, driven management team who are passionate about their business, resulting in exceptional ROI and business models and outstanding trading results, even in the current climate. We have an aggressive roll-out programme and believe that the Be At One proposition has enormous potential in a wide range of locations."

Be At One's advisor on the deal was Zolfo Cooper.

Be At One to open four more sites as profit and revenue climb >>

Be At One bucks winter gloom with record December sales >>

Be At One to open its largest cocktail bar in City of London >>

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

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