New growth fund to support hospitality SMEs launches

New growth fund to support hospitality SMEs launches

Imbiba has launched the Imbiba Growth Fund to provide capital and operational support for young UK leisure and hospitality businesses looking to grow, with £30m contribution from British Business Bank.

Imbiba has invested in the UK leisure market for 20 years, supporting brands such as Temper, Darwin & Wallace and Drake & Morgan.

The £30m contribution, which takes the fund to £50m in total, comes from the British Business Bank’s Enterprise Capital Funds programme, combining private and public money to make equity investments in high growth businesses. To date, around £1.14bn has been committed and at the Autumn 2017 Budget, the government committed a further £1bn over the next 10 years.

“We are pleased to have raised this new fund, with investment from the British Business Bank alongside several of the UK’s most successful leisure entrepreneurs, to provide both capital and operational support to some of most exciting growth businesses in our sector,” says Imbiba chairman John Connell.

“Having traded through different economic cycles over the last 20 years, we see some fantastic opportunities in the current leisure market and believe that an agile £50m fund will be key to help to drive the growth of some of the more dynamic businesses in our industry.”