Our Companies
Company
Bel & the Dragon
Sector
Leisure
Location
Windsor
Status
Realised
Background
Bel & The Dragon Limited is a chain of up-market pub/restaurants. The company operates restaurants in Cookham and Windsor.
Deal Information
Deal size: £1.5 million
Deal size at exit: Undisclosed
IRR: 37.3%
Date of investment: January 2000
Date of exit: January 2001
Sold to: Management
Investment rationale and value creation
At the investment we saw an opportunity to make an initial, secure investment in a small pub chain with the potential to double in size in the next three years. We backed the vision of Ian Glyn and the operational skills of the Mortimers. We identified that there was a site which would provide a substantial roll-out opportunity and we provided the initial investment to allow the company to purchase and develop a third unit in Godalming, Surrey. We exited when management refinanced the business with mainstream debt.
