Imbiba Partnership, the investment company, which backs the Drake & Morgan restaurant and bar chain, is exploring further investment opportunities in the sector, after making an approach for the seven-strong Black & Blue business, M&C Report has learnt.
The company, which is the investment vehicle of serial entrepreneur John Connell, is thought to have entered discussions for Black & Blue, the London-based steak restaurant chain owned by Alan Bacon and Nick Hill, but was unable to agree deal for the £11m-valued business.
However, it is believed that it has not ruled out making a fresh approach for the chain. It is thought that if successful, Imbiba, which also counts Simon Wheeler and leading analyst Mark Brumby amongst its principals, would look to rollout the Black & Blue brand.
Black & Blue currently operates five restaurants in the capital under its eponymous brand, plus the Archduke restaurant and wine bar on the South Bank and the recently acquired Picasso coffee bar and restaurant in Chelsea.
Bacon and Hill, who built up the Tootsies business before they sold it to Andrew Bonnell in 1999, opened the first Black & Blue 11 years ago in Kensington.
The chain is thought to one of a number of investment opportunities that Imbiba is currently exploring across the eating and drinking out sector in the capital.
Drake & Morgan, of which Connell is chairman, recently opened its fifth site, the Drift, at London’s Heron Tower. Led by Jillian MacLean, it is looking to expand to up to 10 sites in the capital.
Imbiba, which previously invested in the Lewis & Clarke business, also currently backs the Charnwood Pub company, the 11-strong Midlands-based managed inns and bars group.
