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ON-TRADE NEWS: Geronimo set for growth
Geronimo Inns has secured new funding that will allow the pub group, which currently consists of 15 pubs, to accelerate growth.
The group was founded in 1995 by Rupert and Joanna Clevely, both of whom remain substantial shareholders in the business. Penta Capital’s £10 million investment, however, gives it a controlling interest in Geronimo Inns.
In addition, Barclays Bank will commit new facilities of up to £14.5m. New expansion is planned for London, the South East and sites in locations such as airports and railway stations. The latter is something that Geronimo Inns already has experience in with The Tin Goose in Heathrow Terminal One.
The group plans to double the size of the business in the next three years, with a combination of leasehold and freehold sites.
Penta Capital has a track record in the leisure sector, with interests in the La Tasca and EAT chains.
© db January 2007