The deal saw bar and restaurant investor Imbida Partnership exit its investment in the group, which is led by company founder Jillian Maclean.
John Connell of Imbiba said, “This transaction is consistent with our ‘buy, build and exit’ business model. Drake and Morgan has now completed its ‘start-up stage’ following which the dynamics of the company will change and it is now time to hand over to new owners to move the company to a more mature level. This exit represents a truly excellent return for Imbiba Partnership shareholders and illustrates our consistent ability to deliver significant shareholder value.”
The company was launched in 2008 and operates five bars and restaurants in London. The Refinery in Southwark was its first bar and restaurant, followed by The Parlour in Canary Wharf, The Anthologist and The Folly, both in the City and The Drift which opened in Heron Tower on Bishopsgate in July 2011.
The company is due to open The Happenstance in 2013 alongside another new venue later this year.
In September 2012 Drake & Morgan reported annual turnover of £16.4m – an increase of over 40 per cent – while profits rose to £1.27m
Bowmark has committed further funds to support the roll-out strategy, alongside a debt package from RBS Financial Sponsors.
Earlier this year the Morning Advertiser said the company had hired PwC to explore a possible sale, aiming for £20m. It also reported that bar and pub operator Novus had pulled out of the bidding process after offering £17m for the chain.
In 2007, Bowmark backed Latin America-themed restaurant chain Las Iguanas, which operates at 22 sites around the UK.
The announcement comes on the same day that UK mid-market firm LDC backed a £50m MBO for restaurant group D&D London.
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