Imbiba, the investment vehicle led by John Connell, is set to launch its third London Bar and Restaurant EIS Fund, after raising £4.5m through its fundraising round.
The £4.5m raised through the group’s London Bar and Restaurant EIS Fund 2, which closed earlier this month, will see £2.25m invested in both its Darwin & Wallace and Camm & Hooper vehicles.
To date over £6.5m has already been invested in both fledgling concepts through the first Imbiba Fund. It is thought the third fundraising round will close around the end of March next year.
Darwin & Wallace started trading in March with No.11 Pimlico Road, near Victoria, and is currently in talks on a number of further sites in the capital.
Camm & Hooper, started trading in prime event spaces in May and now has two sites, Tanner & Co, in Bermondsey, and recently completed its acquisition of the Banking Hall site on Lombard Street in the City. The group has embarked on an extensive renovation programme and plan to open the Banking Hall, which already has capacity for 400 people, in April 2014.
The sale of Drake & Morgan, the London-based, bar and restaurant group, to Bowmark Capital achieved a return to investors through former backers Imbiba of over five times the cash invested.
