Goodman Derrick has advised the sellers on the sale of the majority stake in Simmons Bar Group to a purchase vehicle backed by private equity firm Lonsdale Capital Partners.
The Group, which is forecast to generate revenues of around £10 million for the year ending 31 March 2018, is now well placed to expand substantially.
Nick Campbell, founder and CEO of Nightlight Leisure Ltd which trades under the name Simmons Bars, said:
“To this day Simmons has been solely funded by the income generated by the bars so the investment from Lonsdale is not only a major milestone for the business, but an exciting step towards the ambitious plans we have for the future. Our goal is to triple the number of Simmons bars in London and to begin our expansion into other UK cities within the next three years. We are looking forward to working with Lonsdale and believe they will offer a great platform to support the growth and development of the Simmons group.”
James Daglish, partner at Goodman Derrick, said:
“It’s been a pleasure to act for Simmons as they grew from one bar and a couple of mates, into a highly successful 12 bar chain that is firmly part of the London nightscape, in the space of a few years. This deal will enable the chain to go to the next level, so is exciting for them and was fantastic to be involved in.”
The Goodman Derrick team was led by Jessica Nugent (Corporate), Clare Gilroy-Scott (Employment), and James Daglish (Real Estate and Licensing). The sellers were also advised by Parisi Tax (tax legals), SKG Business Services (accountancy) and Bluebox, the agent. The purchasers were advised by CMS Cameron McKenna (legal), RSM Tenon (Financial Due Diligence), Pragma Consulting Limited (Commercial Due Diligence), JLT Speciality Limited (Insurance Due Diligence) and Clearwater International (Debt Advisory)