ETM Group founders raising £4.3m to finance seven new London bar openings

The founders of London's ETM Group are planning to raise £4.3m to fund the opening of seven new bars in the city centre.

Maven Leisure, which is led by ETM's management team and co-founder Ed Martin, is looking to capitalise on a predicted post-pandemic boom in the hospitality market.

Plans include the opening of a rooftop restaurant and bar on King William Street in the City of London, close to Bank and Monument tube stations.

ETM was founded in 2000 and now runs 13 sites across London, including the Botanist Sloane Square and the Aviary bar and restaurant (pictured) at the Montcalm Royal London House hotel in Finsbury Square.

Maven will use £4.3m raised through private equity investment firm Growthdeck, secured as a mix of debt and equity, to fund the launch of its first three bars and restaurants.

A press statement from Growthdeck said Maven is in negotiations on a further two sites with landlords offering "lengthy rent-free periods" on desirable sites to keep them occupied.

Gary Robins, head of business development at Growthdeck, said: "Covid-19 has pushed rents on bars about as low as they will go. The London bar scene has exploded back into life in the last few weeks.

"We're backing Maven to deliver significant growth for our investors as revellers flood back into central London's premium bars. Sites are being offered at rents that could not have been dreamed of 15 months ago."

Investors are betting on a post-pandemic bounce for hospitality. Former Greene King boss Rooney Anand has raised around £200m to finance a takeover spree through his RedCat pub company and acquired 42 former Stonegate pubs in March.

Imbiba has also invested £1.4m in immersive arcade bar NQ64 to support its expansion across the UK.