Imbiba Partnership’s city bar brands Darwin & Wallace and Camm & Hooper have both outperformed expectations over the past 12 months as new sites are lined up.
At its annual investor event, Imbiba Partnership reported Camm & Hooper has a pipeline of six openings lined up including two in the City, Covent Garden, the West End and Kings Cross.
Darwin & Wallace has exchanged on the next two sites to bring its estate to four. Another site is in advanced legals and has a very strong pipeline to reach its target eight sites.
EBITDA for Darwin & Wallace of £247k, compared to a loss of £184k last year while Camm & Hooper outperformed its expectation of £74k reporting EBITDA of £423k for the past 12 months.
Darwin & Wallace’s first site at No.11 Pimlico Road is trading 22% up year on year over the past quarter; while No.32 The Old Town has a run-rate of c.£750k – which represents an ROI of over 40% vs acquisition case of 30%.
Imbiba founding partner Simon Wheeler said Camm & Hooper’s Tanner & Co site has a ROI of around 45%; while its second site is on track to hit its acquisition case of over 40% in 2016.
Fledgling brand Ruth & Robinson is beginning to gain momentum on its first site the Fourteenth Colonie and reported a smaller EBITDA loss than expected.
Imbiba said Ruth & Robinson initial site has taken a while to get some traction, but added there is “plenty of work going on behind the scenes.”
On Imbiba’s partnership with Enterprise Investmetn Partners (EIP), Martin Sherwood and Christian Elmes, founding partners of EIP, said Drake & Morgan’s exit from Embiba realised an exit of 5.7x for investors.
Sherwood said: “Imbiba continually demonstrates its ability to grow businesses and provide prompt exit with high returns for investors. Each company has an average of 5 to 8 units, providing diversification and risk reduction for investors. We continue to work with Imbiba as the quality of this team is top notch. Their experience and commitment to investors makes them an excellent partner and we look forward to bringing investors new opportunities over the coming year.”
