East Coast Concepts

  • Sector Casual Dining
  • Location Manchester and Liverpool
  • LTM Revenue £8m
  • Deal Type MBO
  • Deal Date June 2016
  • Employees 200
  • NorthEdge Contacts Phil Frame
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Regional News

26 April 2017

NorthEdge backs £24m turnover MBO from Irish PLC

NorthEdge Capital has invested in environmental and industrial services specialist Future Industrial Services (FIS), backing the management buy-out from its Irish listed parent company, One51 PLC, at an equity value of £16m.

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Business Description

East Coast Concepts is a casual dining group which owns the Neighbourhood and Victor’s brands.

Background

East Coast Concepts was founded by entrepreneur James Hitchen and his brother Guy. The group currently operates the all day eatery and late bar Neighbourhood in Spinningfields, which has recently undergone a £1m refurbishment, and the Hampton inspired Victor’s, based in Hale. Both brands have developed strong followings in the region due to their unique atmosphere and innovative menus, based around premium steaks, fresh seafood and sushi. The business is expected to record turnover of £8m in 2016 and has recently started work on a second Neighbourhood site in Liverpool which will take staff numbers to 200.

Strategy

The investment will allow Hitchen and his team to fulfill their ambitious growth strategy, which involves rolling out the two concepts in city centres and suburban locations across the UK.

Phil Frame, Investment Director at NorthEdge, said: “James has launched two exciting, differentiated concepts in the North of England which have fantastic roll out potential. The casual dining scene continues to demonstrate strong dynamics for innovative concepts and we believe both Neighbourhood and Victor’s are well placed for further growth. James is a first class entrepreneur and we are delighted to be backing him and the rest of the team.”

James Hitchen, founder of Neighbourhood and Victor’s, added: “Both brands have proven to be hugely successful in Manchester and we are delighted to have NorthEdge on board as a partner to support us through the next stage of our development. We are constantly looking for new ways to improve our offering and the additional funding from NorthEdge will give us the firepower to become one of the best premium casual dining brands in the UK.”