The Financial Times reports that Private equity group Bowmark Capital – already behind the Las Iguanas chain – has backed a £30 million bid by Jillian MacLean, the founder of Drake & Morgan, to buy out original backers Imbida Partnership – as well as providing capital for expansion plans.
Drake & Morgan already has restaurants in the City of London that include The Folly and The Drift, and is scheduled to open new restaurants in Holborn and St Paul’s later in 2013.
Bowmark’s investment means that Drake & Morgan will be able to accelerate its expansion: the company reckons that there is potential for up to seventy outlets across the UK.
Launched only five years ago in London, Drake & Morgan achieved sales of £16.4 million in the year to March 2012, with profits increasing to £1.3 million despite heavy investment in new restaurants.
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