NorthEdge backs East Coast Concepts

The fresh capital will enable the business to roll out its Neighbourhood and Victor's brands as a nationwide chain.

Upon completion of the deal, NorthEdge investment director Phil Frame will take a seat on the board.

The transaction marks NorthEdge's third investment of 2016, having acquired a majority stake in Direct Healthcare Services and injected £1m into portfolio company FPE Global.

Company
Manchester-headquartered East Coast Concepts is a casual dining business operating two restaurants, Neighbourhood, in Spinningfields, and Victor's, which is in Hale. The business is developing its second Neighbourhood restaurant in Liverpool and hopes to roll out the brands across the country.

The business, which focuses on seafood, steaks and sushi, is anticipating a turnover of £8m in the current financial year.

People
NorthEdge – Phil Frame (investment director); James Marshall (investment manager).
East Coast Concepts – James Hitchen, Guy Hitchen (founders).

Advisers
Equity – Zeus Capital, Richard Darlington (corporate finance); Gateleys, Paul Jefferson (legal); BDO (financial due diligence); Christie & Co (commercial due diligence); PwC (tax).
Company – CLB Coopers (tax); Turner Parkinson, James Sheridan (legal).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• NorthEdge Capital