9 July 2018
NorthEdge Capital has announced the close of NorthEdge Capital SME Fund I, LP (“SME Fund I”, “the Fund”) at its £120 million hard cap. The Fund was raised from existing investors and enables the firm to broaden its ability to take advantage of attractive investment opportunities in the U.K. regional lower mid-market.Find out more
East Coast Concepts is a casual dining group which owns the Neighbourhood and Victor’s brands.
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. Revenues for the Group in the year to December 2017 reached £10m – up from £6.3m the previous year.
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.”