Henderson Loggie corporate finance advises on Bar Soba deal
Scottish bar and restaurant chain plans expansion after £3m BGF investment
The corporate finance team at Henderson Loggie has advised on a £3m Business Growth Fund (BGF) investment in Bar Soba, the Scottish bar and restaurant chain with five outlets in Glasgow, Edinburgh and Leeds.
The investment will be used to fund continued expansion of the business as it prepares to open a further seven restaurants. Industry expert Mohan Mansigani, formerly chief finance officer at Casual Dining Group – the company behind brands including Bella Italia, Café Rouge and Belgo, has been appointed chair.
Henderson Loggie acted as advisers to Bar Soba, a long standing client of the firm. The company will initially target the North of England and is already considering a number of sites in key cities including Liverpool, Manchester and Newcastle. It will then focus its efforts on expanding further afield.
Greig Rowand, corporate finance partner at Henderson Loggie, said: “Bar Soba has been our client for many years and we are delighted they turned to us for advice on their expansion. We have strong links throughout the investment community nationally and in addition to assisting the company with financial aspects of the business planning and due diligence process and providing tax advice on the deal structure, we also introduced BGF which brought both growth funds and sector expertise to the table.”
Bar Soba Founder and CEO Brad Stevens launched the brand at the Edinburgh Festival Fringe in 1997 as a pop-up restaurant.
He opened his first permanent Bar Soba outlet on Mitchell Lane in Glasgow and has since expanded into premises in Glasgow’s Byres Road and Merchant City, as well as on Hanover Street in Edinburgh and Merrion Street in Leeds.
His business, which serves creative cocktails and South-East Asian street dishes in a vibrant atmosphere, is on course to turn over around £5m during the current financial year.