Alternative lender ThinCats has provided over £11m in funding to ETM Group to refinance the entirety of its bank loans, as well as provide capital headroom for further organic growth.
The London-based bar operator, founded in 2000, has grown to 12 venues across the capital. Its estate includes rooftop bar Aviary, premium sports pubs Greenwood and Redwood, and heritage food-led venues such as The Botanist Sloane Square.
For the year to 27 February 2022, the group reported a turnover of £21.6m – vs £6.8m in 2021 – and a return to EBITDA profitability.
Ed Martin, co-founder and CEO, ETM Group, commented: “We remain optimistic about growth for the sector and are grateful to Dave and the ThinCats team for their support and commitment. This funding ensures we can continue to offer lasting experiences for our customers in unique and exciting venues in beautiful settings across the capital”.
Dave Sherrington, regional head of sales, ThinCats, commented: “ETM has an incredible collection of venues, recognisable brands that have fantastic reputations in London. We also believe in the management team and their ability to thrive in uncertain times, which is why we have backed them.
“They are now in a fantastic position to navigate the many challenges currently facing the Hospitality industry and we look forward to supporting them on this journey”.
