4th September 2017
Specialist lawyers at Walker Morris have advised BGF on its £3.5m investment in the northern-based chain of restaurants and delis, Filmore & Union. The chain, which currently operates 14 sites and recently opened a concession in John Lewis, will use the funding to expand its portfolio across the North of England and the Midlands.
Created in 2012 by Adele Ashley, the business serves a menu of fresh and seasonal food and drinks using local produce to create energising breakfasts and lunches, as well as gluten-free cakes. The business was voted one the Sunday Times’ Top Three UK health eateries in 2016.
Starting from a single site in York, Filmore & Union now runs restaurants across Yorkshire including Ilkley, Harrogate, Beverley, Skipton and Wetherby, as well as food to go delis in Newcastle and York train stations. The business successfully raised £865,000 on Crowdcube in 2015 and today generates revenues of more than £6m.
In addition to the investment, Kevin Bacon will join the company as Non-Executive Chair, following an introduction by BGF. Kevin is a former MD of Frankie & Benny’s and Jamie’s Italian and has deep knowledge of the North-West region, the next area of focus for the rollout.
John Hamer and Thomas Mieszkowski of Walker Morris provided legal advice to BGF.
Walker Morris has substantial expertise in the food and restaurant sector and counts American restaurant chain Chipotle and Starbucks amongst its clients.
John Hamer who led the Walker Morris team said:
“It is great to see a Northern deli and restaurant chain achieve such great success, especially in such a relatively short time. The investment by BGF will provide them with a solid financial platform to achieve their expansion and growth aims and we look forward to seeing more Filmore & Union delis in other regions.”
Filmore & Union joins a growing number of regional and national restaurant brands backed by BGF including Bar Soba, which has opened a site in Leeds, Barburrito and Giggling Squid.
BGF is the most active investor in small and mid-sized businesses in the UK. An established and independent company, it has £2.5bn to support a range of growing companies – early stage, growth stage and quoted – across every region and sector of the economy.
BGF’s Chris Boyes commented: “Adele has created a popular restaurant concept which caters to the growing market for customers who are focused on eating well. The team has established a good foundation to continue the rollout across the UK, and we are excited to support the next stage of growth.”
Management were advised by Paul Land and Andy Kerr of TLP Capital Partners, with legal advice from Dahren Naidoo of Freeths.