Pembroke VCT plc and other investors have completed a management buy-in of La Bottega, the small chain of Italian eateries in central London for an undisclosed amount. La Bottega was founded in 2005 by Bepi Augustin and his wife Roberta.
In addition to funding the purchase consideration, the investment funds (which exceed GBP 5 million) include development capital compliant to HMRC’s Enterprise Investment Scheme, and will be used to open at least twenty new sites by 2018.
La Bottega’s offering of fresh, high-quality, authentic Italian food, coffee and selected high quality Italian produce has proved very popular in its Chelsea store community, resulting in the successful opening of five further sites: two in South Kensington, and one each in Belgravia, St James and Fitzrovia.
Potential for roll-out
Piergiorgio Lo Greco, an investment professional and Italian food and coffee connoisseur saw the potential for a roll-out of the Bottega brand on a much larger scale. Piergiorgio will become the new CEO of the group.
At the beginning of this year Piergiorgio put together a team which includes:
- Matt Hermer, CEO of Ignite Group, who has extensive experience in the London bar and restaurant sector through ownership of Boujis, Eclipse and the Bumpkin restaurants. Matt will be non-Executive Chairman
- Dinah Meister, previously an operations director at Wagamama, Obika and other high profile restaurant groups. Dinah will be Director of Operations.
Commenting on the transaction, Piergiorgio said, “Matt and I are very excited about the opportunity to develop further this unique concept created by Bepi and Roberta. We are living in a period of change in the way people relate to food: whilst sophistication of demand is increasing, preference is given to time efficient, high quality and competitively priced supply. Italian food is the essence of taste and simplicity”.
Pembroke VCT plc
Pembroke, a new VCT founded by serial entrepreneur Peter Dubens to invest in early-stage consumer facing businesses, have backed Piergiorgio and Matt as the principal investor, with management representing the second largest shareholder. In addition to Pembroke’s and management’s representatives, the Board will also include Mauro Moretti of Hutton Collins Partners LLP.
Andrew Wolfson, Chief Executive of Pembroke commented, “La Bottega represents a unique roll-out opportunity in the café and restaurant market. The business has fantastic brand awareness in Chelsea and is renowned for serving excellent food and coffee. We are delighted to be backing the management team and to be part of the continued roll-out of La Bottega.”