Imbiba holds GBP 70m first close on new growth fund

The firm completed its first investment and is targeting the wider leisure, lifestyle and entertainment sector in the UK, according to a press release.

It held final close on its GBP 50m hard-cap for its previous vehicle, Imbiba Growth Fund, in February 2018, as reported.

Investors
British Business Bank is the new fund's anchor investor through its Enterprise Capital Funds (ECF) programme, alongside other investors including Asahi UK.

The bank is a returning LP to the firm's new fund, having supported Imbiba's Growth Fund back in 2018, according to the press release.

Investments
The new fund completed its first investment into nurseries and family members club group Little Houses Group, according to a press release. Founded by Charlie Gardiner, the founder of hospitality business Incipio Group, Little Houses Group is comprised of two venues. The first one, Kensal House Nursery and Jaego's House, launched in Kensal Rise earlier this year and features a nursery and children's entertainment facilities, as well as facilities for parents including a café, restaurant and gym.

Imbiba remains bullish for the consumer sector despite current volatility, it said, and plans to scale the business with multiple new venues planned in the coming years.

The firm's current portfolio includes a wide range of companies, including restaurant chain Pizza Pilgrims, wine bars operator Vagabond Wine and family members club Purple Dragon.

Its predecessor fund made equity investments of between GBP 1m-5m in UK businesses in the leisure and hospitality sectors, according to Unquote Data.

People
Imbiba − Darrel Connell (managing partner).
Little Houses Group − Charlie Gardiner (founder).
British Business Bank − Ken Cooper (managing director of venture solutions).

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