The Knutsford-based restaurant operator behind Gusto and Grill on the Edge has secured £4 million in fresh financial backing from Lloyds Bank Corporate Markets.
Living Ventures has refinanced and increased an existing credit facility as it looks to consolidate the strong performance of its restaurants and bars, with those in the North West having performed particularly well in a challenging and highly competitive market.
Overall Living Ventures restaurant sales have seen like-for-like growth of three per cent this year with the company's Gusto brand, which has nine properties around the UK including Alderley Edge, Cheadle, Didsbury and Knutsford, recording like for like growth of four per cent.
The fresh injection of funds from Lloyds Bank Corporate Markets in Manchester will enable Living Ventures to continue a programme of refurbishment works as well as open new restaurants.
In the past year they have opened four new outlets in Manchester's Spinningfields - The Alchemist, Australasia, The Oast House and more recently a deli/cafe called Peppermint Bay.
Living Ventures acquired No.15 London Road in 2009 and hopefully I will have an update after Christmas regarding their plans for the building, which was home to No.15 Wine Bar for 35 years.
Tony Buchan, Relationship Director at Lloyds Bank Corporate Markets in Manchester, commented: "Living Ventures has overcome highly challenging market conditions to record strong growth, which is testament to the strength of its management team. This latest financial package provides a platform for more of the same – the company will continue to modernise and strengthen its existing portfolio and that consolidation will reap rewards."
Tim Bacon, Managing Director of Living Ventures Restaurants, said: "We are delighted to have secured fresh support for the business through Lloyds Bank Corporate Markets. The team in Manchester really understands what we are trying to achieve. We are on a positive trajectory and having still greater financial backing is exactly what we need to consolidate our position in the market."
