ETM Group owners raise £4.3m to fund and grow Maven Leisure
The owners and senior management of ETM Group have raised £4.3m to fund and grow their new venture, Maven Leisure.
The group 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, and will be used to take advantage of "favourable conditions" for acquiring prime 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 indoor bar and restaurant space. Additional sites are expected to be added in the next 12-24 months.
ETM Group operates 13 premium bars, pubs and restaurants in central London, including the rooftop bar Aviary at Finsbury Square, the Botanist Sloane Square and premium sports bars Greenwood and Redwood.
Ed Martin, chief executive of Maven Leisure, said: "Hats off to the Growthdeck team in helping Maven raise £4.3m in seven 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."
Gary Robins, head of business development at private equity investment firm Growthdeck, added: "We are thrilled to be supporting Maven Leisure at it looks to grow and take advantage of the business landscape in the London bar and hospitality sector."