Maven Leisure is set to raise £4.3m through private equity investment firm Growthdeck in a bid to open a host of new London bars upon the lifting of lockdown.
The new venture, which is led by the founders of ETM Group, is looking to use the funds to launch seven sites across the centre of the capital.
Specifically, the £4.3m will go towards fitting-out and pre-opening costs for the group’s first three bars and restaurants.
The group’s portfolio will be headed by a flagship rooftop site on King William Street, and will feature an indoor bar and restaurant space, as well as 360 degree-views from its terraces.
Gary Robins, head of business development at Growthdeck, said: “Covid-19 has pushed rents on bars about as low as they will go.
“The London bar scene has exploded back into life in the last few weeks. We’re backing Maven to deliver significant growth for our investors as revellers flood back into central London’s premium bars.”
The investment will come as a mix of debt and equity, and will qualify for tax relief under the Enterprise Investment Scheme (EIS).
The EIS allows investors to invest up to £1m per annum, reclaim 30% of the costs against their income tax bill, and not pay capital gains tax on any gains realised after three years.