London might be getting a new rooftop bar: Maven Leisure has announced plans to raise £2m to fund the opening of two drinking spots in central London.
One is slated to be a rooftop bar, while the other will be a sports bar.
The sites will join London’s array of rooftop spots, with 11 new bars set to open this spring.
Maven plans to raise the money via the private equity investment firm Growthdeck, which offers “tax-efficient investment opportunities in UK growth businesses”.
“Maven Leisure have a proven track record for establishing their venues as leading hospitality destinations in the City. We’re delighted to support the group’s acquisition of further premium sites that will strengthen their already impressive portfolio,” Ian Zant-Boer, CEO at Growthdeck, said.
“Our investment in Maven is based on our strong belief in London’s thriving hospitality scene and Ed, Landen and Graham. This fundraise offers investors a brilliant opportunity in the City’s premium bar market,” he added.
Revenue at Maven Leisure reached £10.2m at the end of the last financial year, with turnover at £33m. The new venues are set to drive further growth in the business in the next few years.
Established in 2021 by Ed Martin and the management team of ETM Group, Maven Leisure currently operates a rooftop bar and restaurant, Wagtail, on King William Street in the City of London, plus three sports bars.
ETM operates 13 bars across London rooftop bar Aviary and The Botanist Sloane Square.
Growthdeck’s investment in Maven is expected to qualify for tax relief under the Enterprise Investment Scheme (EIS).
The central London pub and bar scene is set for a boom in new openings as Lord Mayor Michael Mainelli has presided over a new planning scheme to welcome several new and restored pubs into operation in the Square mile.