Firm takes stake in top Lancashire pub chain
Penta Capital has acquired a majority stake in the Lancashire-based Seafood Pub Company to further expand the chain's award-winning portfolio of gastro-pubs across the North West.
Founded in 2010 by Joycelyn Neve, the Seafood Pub Company commenced trading in 2011 with its initial pub, The Oyster & Otter in Blackburn.
Today it has a portfolio of eight individual food pubs in the North West, including the Derby Arms near Longridge.
Penta, an established private equity investor in UK mid-market companies, has a proven track record of investing in many successful consumer businesses including Geronimo Inns, La Tasca and EAT.
Joycelyn, who was only 25 when she founded the business, has quickly established an impressive reputation in the hospitality sector over the last five years.
She has built a multi award-winning pub group with an enviable reputation for creative food – particularly from the sea.
Chris Neve, Joycelyn’s father, is still involved in the business using his unrivalled experience to source the finest quality produce from sea and shore.
The Seafood Pub Company has been awarded many industry accolades over the last six years including Best Food Offer in the 2015/6 Publican Awards and Pub and Bar Award at the 2016 Cateys.
The company has ambition to more than double its pub portfolio and expand to 20 sites over the next three to five years.
Penta Capital has arranged a £18million funding package to acquire a majority equity stake in the business and provide funds for expansion.
The funding package includes additional debt support from RBS Manchester.
Joycelyn and other members of the management team will remain substantial shareholders in the Company and will continue to lead growth of the business.
Joycelyn said: “We are delighted to partner with Penta Capital which has a proven track record of backing a number of other successful pub and leisure retail businesses.
“Their support and expertise will be invaluable as we take the business to the next level.”