Longshot on the lookout

Longshot, a group with a background of leisure sector acquisitions and developments in the UK, has announced that it has raised more than £30 million to invest in further growth.

The group has revealed its intention to seek out fresh acquisitions, with hotels, restaurants, pubs, bars and private members’ clubs all in its sights.

Longshot has outlined its intention of targeting high quality companies with an equity value of around £10m, highlighting an additional interest in turnaround or distressed asset opportunities.

Early discussions are already underway with a number of potential targets, with Longshot looking to invest the fruits of its fundraising efforts over the next 12 to 18 months.

Olly Vigors, director of Longshot, followed up the announcement by saying: “We are delighted that Longshot has raised over £30 million in order to seek out acquisitions in the leisure sector.

"We believe that our background of successfully acquiring and developing companies, puts us in a unique position to create value for our shareholders.”

Longshot was established in 1994 by Ollie Vigors and his co-director Joel Cadbury, with the aim of acquiring The Goat in Boots pub on the Fulham Road in London. The pub was then sold nearly three years later for 17 times the equity originally invested.

Further projects have included Vingt Quatre, London’s first 24-hour restaurant, and the group’s takeover of The Groucho Club in 2000.

Gabriel Savage, 17.11.09