Drake & Morgan explores options for next stage of growth
It is thought that the review may or may not lead to a sale of the award-winning group, which is led by Jillian MacLean and backed by investment company Imbiba Partnership. However, any sale process is likely to interest a mix of private equity and trade buyers, with Mitchells & Butlers, Greene King, Fuller’s, Young’s and Novus possible suitors.
The group, which won the Best Emerging Concept award at last year’s Retailers’ Retailer Awards, currently operates five sites across central London, including the Folly at Monument and the Drift at the Heron Tower.
It recently secured a further two sites in the capital, the Happenstance at St Paul’s, and a further site in Holborn, which are set to open over the next six months. The Holborn site was to be called the Haberdashery but is set to be renamed after a company of the same name came forward.
Imbiba Partnership is currently raising funding through a new Enterprise Investment Scheme (EIS) to launch two new vehicles — bar and restaurant format Darwin & Wallace (D&W) and Camm & Hooper (C&H), a new company designed to make the best use of event space in London.
The group, which has so far raised just under £3m towards the new formats, has appointed Melanie Marriott as group chief executive of D&W and named Claire Lawson in a similar position at C&H. It is thought to be close to securing a first site for D&W.
