Smiths of Smithfield gets £2.25m debt facility

London restaurant Smiths of Smithfield has agreed a new £2.25m debt facility with Barclays bank.

Barclays will make the facility to Smiths of Smithfield Ltd, the company that operates the 400-cover site opposite London's Smithfield meat market. The restaurant was founded by MasterChef judge John Torode in 2000, although he quietly resigned as a director of the business in August 2012.

Thirteen years after Smiths of Smithfield opened, a second site, Smiths, was launched in Spitalfields. Any roll-out strategy that the company undertakes is expected to take place under that newer concept, which is inspired by the original iconic venue.

Smiths head of operations Colin Clarke, said: "Smiths of Smithfield has been an enduring part of London's vibrant restaurant and bar scene for over a decade. It was one of the first all-day venues to offer a menu built around British meat, and quickly became renowned for using only the finest, rare breed beef. Our brand is both loved and cherished by its loyal customers, so we're incredibly excited to bring the varied ‘Smiths' experience to Spitalfields."

Sami Ghamloush, relationship director in Barclays' hospitality and leisure team, added: "Smiths of Smithfield is an established and iconic London restaurant, and its newly branded site will be a welcome addition to the increasingly popular East End. With London restaurants doing particularly well on the back of a good summer, this is an exciting time for the brand."

Smiths of Smithfield Ltd is owned by Korado Ltd, which in turn is owned by major shareholders Longlac Holdings, Hugh Williams, Nicholas Miles, Hugh Morrison and Morntane Executive Pension Fund, according to its last annual return, filed in March this year.