Multi-million pound boost for entertainment bar group | national
A cluster of bars with venues offering a range of facilities including pool tables, ping pong, bowling, shuffleboard, mini golf, arcade games and karaoke is expected to grow after securing a £ 7.5million investment from Foresight Group.
Roxy Leisure, which operates sites under the Roxy Ballroom and Roxy Lanes banners, was founded in 2013, with Matt and Ben Jones launching the first location to capitalize on the bar activity trend.
It now operates eight locations in Leeds, Liverpool, Manchester and Nottingham, each featuring a range of facilities including pool tables, table tennis, bowling, shuffleboard, mini golf, arcade games and karaoke.
The investment – which was made by Foresight Regional Investment LP and Foresight VCTs – will be used in part as growth capital, supporting the company’s expansion to other locations across the UK with multiple openings planned in 2020, including Birmingham at the start of the New Year and second venues in Manchester and Nottingham.
Rob Jones, Investment Manager at Foresight, said: “Roxy presents some of the most compelling performance measures of the leisure industry that we have seen and the growth of the company over the past several years has been impressive. The company is well positioned to accelerate its growth with the additional support and guidance that Foresight will provide.
“Matt and Ben have built a successful business with a great corporate culture and we look forward to working with them to take Roxy to the next stage of her growth.”
Matt and Ben added, “It was a pleasure working with Foresight’s experienced investment team, who quickly understood our business and demonstrated a strong willingness to support our plans.
“Their pragmatic approach and their experience of working with companies and management teams in our sector made them the right investor for us.
Legal: Blacks, RW Blears
Corporate finance: Sedulo
Financial due diligence: RSM
Commercial due diligence: RPL
Management due diligence: Catalysis