Brasserie Bar Co secures £20m finance deal to open 24 new sites

Brasserie Bar Co which consists Brasserie Blanc and the White Brasserie Company has completed a debt finance deal worth £20m from OakNorth bank.

 

Law firm Dentons, led by partner Lee Federman, advised OakNorth on the deal.

 

Brasserie Blanc’s casual dining concept was developed by Michelin-starred chef Raymond Blanc and operates 20 sites across the UK.

 

The White Brasserie Company was established in 2010 and has seven sites in Surrey, four in London, and additional sites in Hertfordshire, Cheshire, Essex and Buckinghamshire. Its most recent accounts showed an increase in turnover from £37m to £41m in 2016.

 

Commenting on the deal, Mark Derry, CEO of Brasserie Bar Co Ltd, said: "We have ambitious plans for both brands. Brasserie Blanc is well positioned to capitalise on the increased interest and footfall resulting from the refurbishment of the estate and The White Brasserie pubs have gone from three to 14 in the last four years with a menu, service ethos and ambience that is really hitting the mark with guests.

 

“OakNorth was able to provide us with the right financing structure and flexibility to support our mid-term roll out strategy. With this new finance in place, we will be able to open 24 new sites in the next five years, growing our team and presence in the market.”

 

Since its launch in September 2015, OakNorth has grown its loan book to over £600m, completing a number of high-profile deals, including: a £19m loan to LEON last year; a £14.4m loan to Frogmore; a £5.3m loan to Longshot Country Inns; and a £21m loan for the development of Hotel L’Oscar in Holborn.

 

Ben Barbanel, head of debt finance at OakNorth Bank, said: “Since our launch, we have been focused on one thing â€" solving the problem of scaling non-standard lending in the UK, backing quality management teams in the process. Brasserie Bar Co. is an ambitious and entrepreneurial business which, despite uncertain market conditions, has continued to expand every year since inception, even during the recession. The business is celebrating its 21st anniversary this year, yet has managed to stay fresh in an increasingly competitive market by expanding its offering into new formats and settings, and rebranding at the opportune time.”

 

In March this year, Brasserie Bar Co announced plans its first site within a hotel, in partnership with the Marriott at the Highcliffe hotel in Bournemouth.

 

Brasserie Blanc to open 19th site >>

 

Brasserie Bar Co to open first hotel site >>

 

The White Brasserie Company to open tenth pub >>

 

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