Investor Luke Johnson acquires stake in InnBrighton

Risk has invested in the operator alongside Graphite Enterprise, the listed private equity investment trust managed by Graphite Capital, and Laine’s existing management team.

M&C Report​ flagged up in May that Johnson was believed to be running the rule over InnBrighton. Risk’s level of investment has not been disclosed but the Royal Bank of Scotland has provided senior debt and capital expenditure facilities to finance the transaction and fund the future growth of the business.

This will see the 45-strong company open about five new pubs a year over the next four years, with a focus on London, where it currently operates six pubs and is set to open a seventh in the autumn. This is roughly in line with the firm’s existing expansion plan.

The change of name has occurred to reflect the “increasing importance and popularity of its range of craft beers brewed in its three microbreweries, and the broadening of its geographic reach from its historic focus on the Brighton market”.

Heritage​

Laine Pub Company chief executive Gavin George said: “The name change reflects both our pride in our Brighton heritage and the growing importance and popularity of the beer we produce under the Laine’s badge. The skilled brewers in our three micro-breweries have created some highly individual beers of excellent taste and quality, which have provided both a significant point of difference with our competitors and an engaging offering for our customers.

“Since we opened our first Brighton pub in the mid-nineties, our success has been predicated upon the creation of inspiring ‘third places’ that positively impact the culture, community and climate of the localities in which we operate. We think the same is being achieved in the estate of six pubs we have built in London over the last two years and, with the backing of Risk Capital and Graphite Enterprise, we believe the prospects for Laine’s to achieve greater success are tremendous.”

Laine Pub Company chairman Gary Pettet said: “We are very pleased to have Risk Capital on board for the next chapter in this group’s exciting story. Their experience in our sector will be invaluable and we are very much looking forward to working with them to grow the business and to maximise the value to our customers in an ever changing market.”

Pipeline​

Ben Redmond, co-founder of Risk Capital Partners, said: “Over the past seven years, Gary and Gavin have refocused the business successfully and developed a profitable estate of highly distinctive city pubs. The company has a strong pipeline of new opportunities in London and is well positioned to continue to grow the business in the future.”

Graphite partner Omar Kayat said: “The management team has a proven track record in acquiring underperforming pubs and improving them. We look forward to continuing to work with them under the Laine’s banner as they further develop their London estate of unique pubs and their exciting range of beers.”