Drake and Morgan close to £30m management buy out backed by Bowmark Capital

Jillian MacLean, the founder of London-based bar and restaurant group Drake and Morgan, is close to completing a management buy out of her company with the backing of Bowmark Capital in a £30m deal.

The deal sees MacLean's initial private equity partners Imbiba Partnership exit the business.

Drake and Morgan currently has five London sites, including the Anthologist and the Folly, with two more, the Happenstance and the Haberdashery, set to open soon.

The support of Bowmark is expected to allow the business to expand further.

MacLean told the Financial Times: "With Bowmark's support and financial backing, we look forward to accelerating the rollout of the company, both in central London and in other locations."

Ron Pearson, a partner at Bowmark told the paper: "Drake & Morgan represents an appealing proposition for both customers and landlords and is led by one of the best management teams in the hospitality sector."

The deal is expected to close later today.