The Corporate Finance and Corporate Tax teams at CLB Coopers have advised East Coast Concepts in its private equity funding deal with NorthEdge Capital.
East Coast Concepts, which was founded by entrepreneur James Hitchen and this brother Guy, currently operates the bar and eatery, Neighbourhood in Manchester’s Spinningfields district and which has recently undergone a £1million refurishment, and Victor’s, which is based in Hale, Cheshire. ECC is expected to record turnover of £8million this year and has recently started work on a second Neighbourhood site in Liverpool which will take staff numbers to 200. The funding will allow the company to fulfill its growth strategy, which involves rolling our another two concepts in city centres and suburban locations across the UK.
James Hitchen said, “Both brands have proven to be hugely successful in Manchester. We are constantly looking for new ways to improve our offering and the additional working capital will give us the firepower to become one of the best premium casual dining brands in the UK”.
Speaking of the deal, Andrew Feeke, Corporate Finance Partner, commented, “We were delighted to work with the team at East Coast Concepts on the transaction. The company has built a fantastic reputation in the North West’s casual dining and leisure sector and with the funding in place, the management team will be able to achieve its ambitious growth plans”.View all news