Penta Capital buys into the Seafood Pub Company to fund next phase of growth

The Seafood Pub Company has announced that Penta Capital has acquired a majority stake in the business to further expand the firm’s multi award-winning portfolio of gastro-pubs in the North West.

Penta, an established private equity investor in UK mid-market companies, has a proven track record of investing in and growing many successful consumer businesses including Geronimo Inns, La Tasca and EAT.

With a strong new site pipeline, the company has ambition to more than double its pub portfolio and expand to 20 sites over the next three to five years.

The Seafood Pub Company has a stated strategic objective to maintain a minimum 70 per cent freehold estate and recently secured its ninth site, The Forest Inn in Fence near Pendle in Lancashire, which is due to open in August 2016.

Penta Capital has arranged a £18m funding package to acquire a majority equity stake in the business and provide funds for expansion. The funding package includes additional debt support from RBS Manchester.

Joycelyn said: “We are delighted to partner with Penta Capital which has a proven track record of backing a number of other successful pub and leisure retail businesses. Torquil and the team at Penta totally buy-into our strategy and their support and expertise will be invaluable as we take the business to the next level. We have exciting expansion plans and this partnership will enable us to realise those and further accelerate our growth.” Torquil Macnaughton, managing partner of Penta Capital, said: “We were attracted to The Seafood Pub Company’s unique proposition and the fact that it had demonstrated an impressive track record of growth since its inception only six years ago. Joycelyn is a talented, young entrepreneur and we look forward to working together with her, and the wider management team, to continue to build the business and support this new phase of development for the Company.”