Landlord Grosvenor has announced its first investment in a new tenant, with a loan to JKS Restaurants’ latest concept, Bibi, at 42 North Audley Street in Mayfair.

In 2020, Grosvenor, which works with over 500 retailers and food and beverage operators in Mayfair and Belgravia, said it would selectively invest in tenants with new business ideas, and diversification strategies.

The strategy is aimed at helping Central London businesses grow post pandemic, as access to traditional financing is interrupted, with a range of partnerships available including debt and equity.

JKS Restaurants is led by the Sethi family and runs restaurants including Gymkhana, Hoppers, BAO, Sabor and Lyle’s.

BiBi, which will open in late summer, will be spearheaded by Chet Sharma who has worked as group development chef for JKS for last four years.

James Raynor, CEO, Grosvenor Britain & Ireland commented: “Right now operators wanting to expand successful businesses are hamstrung; finding financing for growth is hard. Through a new kind of partnership between property owners and occupiers, we’re providing what’s needed when its needed. And we’re seeing demand for this innovative, tailored support from brands we already partner with right through to new retail and hospitality concepts for Mayfair and Belgravia.

“The JKS team are at the top of their game and we are delighted to play a part in enabling their latest venture, BiBi, to open in Mayfair.”

Jyotin Sethi, CEO of JKS Restaurants added: “We are so excited to be launching BiBi with Chet Sharma and we really value the support that Grosvenor has given us. The property group’s confidence in JKS and BiBi, and in the success of Central London generally, is incredibly important after such a challenging and unsettling time this last year. Grosvenor has done all it can to support tenants during the pandemic and we’re thrilled to be partnering with such a forward thinking and innovative landlord.”

Grosvenor said it has waived rent for hundreds of retail, charity and food and beverage tenants and funded an extension of the Government’s popular Eat Out to Help Out scheme in September 2020, which attracted almost 56,000 diners to Mayfair and Belgravia.

Following the success of last summer’s trial, North Audley Street has been transformed into an outdoor ‘dining room’ experience.

With environmentally friendly lighting and heating and widened pavements, established operators on the street including ROKA, North Audley Cantine and the soon to open IVY Asia have been able to create stunning new ‘dining rooms’ for customers to enjoy.