Imbiba has launched a new Leisure EIS Fund to raise up to £10m and updated on the performance of the groups it currently backs, MCA understands.
The group is once again working with Enterprise Investment Partners on the fund which is seeking individual investments of between £10,000 and £1m to back businesses within London, with an exit expected within five years.
In the information memorandum for the fund, Imbiba gives updates on each of its current investments.
It shows that Darwin & Wallace delivered a combined EBITDA for the third quarter of 2017 of £577,400. It said the company achieved its strongest full year performance in 2016/17 with management accounts showing a full-year EBITDA of £1.519m. Like-for-like year-on-year sales were 7.5% ahead of the previous year and like-for-like year-on-year site EBITDA 10.3% higher.
Camm & Hooper reported a company EBITDA of £1.153m for the full year to 31 August 2017. In that year, like-for-like year-on-year sales were up 7.4% and like-for-like year-on-year site EBITDA up 21.9%.
At Albion & East, Imbiba said that it expected Martello Hall, in London Fields, which opened in December 2016, to take two years to hit maturity and acquisition case.
Wright & Bell’s first site, The Kitty Hawk, posted a loss of £143,000 in the last quarter to July 2017 and is in the process of being reconfigured to enable the space to be much more flexible and enable it to take proper advantage of the advance group bookings. The reconfiguration work was completed by the end of October and the early signs are encouraging, Imbiba said, with the atmosphere having moved to a more relaxed and democratic style. The company is actively looking for a second site and is in negotiations for a unit in Zone 1 south of the river.
The group’s most recent investment, Casper & Cole, is trading ”above acquisition case” at its Soho Temper site and delivered a site EBITDA of £115,000 in the quarter ended August 2017. Imbiba said The City site is growing satisfactorily, having opened in August 2017. Acquisition case is anticipated in the Spring of 2018.