Tim Bacon has set out his expansion plans for the Living Ventures-led Gusto brand and the recently renamed New World Trading Company, his pub-led venture backed by the Hill Capital Partners Food & Beverage Fund.
Speaking at MA300 event in Leeds, Bacon said that the “next big push, which starts next year, is London, M25 and the Home Counties”.
Bacon said he expected to complete its “venture capital-style” deal for Gusto, its high street Italian restaurant brand, in December. “That will see it take that particular brand from the current nine units to around about 25 units.”
He also reiterated plans to take New World Trading Company from two to 15 or 20 sites over the next three years. “Next year we are looking to do four to five units assuming we can find the sites.”
He said he liked the idea of having a number of sites in small areas, which are “relatively condensed” and “easy to manage”. “The idea of having some hubs, if you like, makes a great deal of sense to me.”
He also expressed his “love” for suburban outlets; Living Ventures already operates a number of suburban sites.
Bacon highlighted Manchester, Leeds, Liverpool and Birmingham as possible future locations, with a fourth pub site, Smuggler’s Cove, set to open next month at Liverpool’s Albert Docks.
He said the division’s name was changed from New World Pub Company because that title created “barriers” to finding sites. “There’s no point putting our name out there where people are going say, ok, I think I know what that is and they don’t.”
Bacon secured a £2.7m investment from Hill Capital Partners Food & Beverage Fund for the pub venture, is was understood to be in talks on a site in King’s Cross.
