TriSpan buys Pho, Gresham House Ventures exits

TriSpan secured a majority stake in the business. This is TriSpan Rising Stars' eighth investment globally, and its third in the UK, following previous investments in Rosa's Thai Café and Thunderbird Fried Chicken.

The founders and management will a significant interest in the company with Patrick Marrinan, the former finance director, now leading the group as managing director. Stephen and Juliette Wall, the founders of Pho, will remain in executive roles.

Robin Rowland, TriSpan's European operating partner, will chair the board with Steve Hill, current chairman, remaining on the board as a non-executive director.

In 2012, the Baronsmead VCTs (then managed by Livingbridge) invested GBP 4.4m for an approximate 30% stake in Pho, to fund the rollout of new sites. The vendor said that Pho demonstrated "resilience" through the pandemic, aided by its delivery channel. Gresham House acquired the venture business of Livingbridge in late 2018.

The VC has now fully exited Pho.

Company
The first Pho restaurant opened in 2005 in Clerkenwell and the business has since expanded to the current 30 restaurants and three delivery-only kitchens. Pho generated revenues of around GBP 40m in the year to February 2020; EBITDA stood at GBP 3.2m.

People
TriSpan - Fady Michel Abouchalache, Joseph-Patrick Dib, Robin Rowland (partners).
Gresham House Ventures - Bevan Duncan (managing director).

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• Topics
• Buyouts
• Exits
• Consumer
• UK / Ireland
• Secondary buyout