Mon, 03/12/2012 - 16:00
Business Growth Fund (BGF), established to help the UK’s fast growing smaller and medium sized businesses, has invested GBP6.25m of growth capital for a minority stake in London-based Peyton and Byrne, the restaurant group, retail bakery and events business.
Peyton and Byrne operates in three distinct areas. It currently operates restaurants at eight iconic London visitor attractions including The National Gallery, the Royal Academy of Arts and Kew Gardens.
Peyton Events provides catering for private functions at 20 high profile venues in London such as The Wallace Collection and Lancaster House.
The business also runs retail bakery and café outlets in central London locations offering a modern take on British baking traditions.
The business was founded in 2005 by the renowned restaurateur and face of BBC Two’s Great British Menu Oliver Peyton along with his sister Siobhan Peyton, who holds the role of chief executive.
In 2012 Peyton and Byrne delivered nearly GBP20m of revenues and has a track record of increasing turnover at each of its venues within the first year of operation.
BGF’s GBP6.25m investment will help accelerate the company’s roll-out programme of high-street retail bakeries over the next four years and facilitate new restaurant launches. It will also fund continued investment in people and as a result of this expansion, the company expects to create approximately 100 new jobs.
In addition to funding, BGF has contributed additional support to the company through the introduction of Mike Johnson as non-executive chairman. He is the former managing director of the corporate services and leisure division at Sodexo UK and was the chief executive of Whitbread’s restaurant division which included the Costa, TGI Fridays and Cafe Rouge brands.
BGF will take a minority stake in Peyton and Byrne and Alistair Brew will join the board. The investment represents BGF’s fifth investment in a London based business and its third investment in the leisure and hospitality sector.
Alistair Brew, investment director for BGF says: “In Oliver, Siobhan and the team you have a fantastic mix of people who are extremely passionate not only about a business they have grown over the past seven years and the brand associated with it, but also about delivering great food and service at some of London’s most iconic venues. A large part of Peyton and Byrne’s growth will come from expanding the portfolio of bakery sites and restaurants and we felt that BGF’s mix of patient growth capital and desire to provide additional help and expertise across the business was an ideal fit for the company.
“With the injection of funding, a strengthened management team and multiple growth drivers across all areas of the business, we look forward to being part of an exciting and growing brand in the UK.”
Oliver Peyton says: “Peyton and Byrne has established itself in some of the finest venues in the world and we believe that now is the right time for us to take the next step in our growth. We know that there are lots of opportunities for our company both in our existing venues, in other premium visitor attractions and important iconic cultural venues, where we will continue to expand.
“British baking has come of age in this country and I believe we have surrounded ourselves with a team of people who will forge a real British presence on the high street through Peyton and Byrne shops, based on solid principles of genuinely handmade, freshly baked goods.
“BGF are offering the chance to take full advantage of the opportunities available to us to and it is absolutely fantastic to see British retail businesses being backed in this way. We liked the fact that BGF is providing expansion capital to high growth businesses like ours; the type of funding that will continue to contribute to the recovery of the UK economy.”
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