Specialist credit fund exits London event venue
Fri, 30 Aug 2024 | COMMERCIAL PROPERTY
Blazehill Capital has sold The Brewery, a large-scale event venue in London. The sale of the venue to Rhubarb Hospitality Collection (RHC) is the first exit from Blazehill Capital’s Fund II Credit Opportunities Strategy.
Blazehill, a specialist credit fund offering secured loan facilities, first supported The Brewery On Chiswell Street with a £14 million senior term loan in the wake of resurgent demand for events following the COVID-19 pandemic.
The facilities funded legacy working capital and provided liquidity to support investment and growth initiatives for both the company and shareholder.
The venue has now been acquired by RHC, which has been backed by Oak View Group (OVG) since last year. RHC has grown rapidly since its acquisition by OVG and provides hospitality services at the Co-op Live venue in Manchester, which OVG recently opened.
James Varah, Chief Executive at The Brewery, said: "The Brewery has developed a reputation as the go-to venue for major conferences, awards, and dinners in the City of London. The facilities provided by Blazehill were instrumental in providing a platform for our turnaround post pandemic and giving us the headroom to explore growth opportunities."
Varah continued: “Whilst many lenders struggled to provide suitable facilities to the events sector post pandemic, Blazehill worked tirelessly with the Management team to understand the drivers behind our vision to provide an optimised debt solution.
Varah added that a Blazehill representative, Michael Gould, attended the venue’s monthly board meetings, which enabled Blazehill “to provide a sounding board on relevant matters and provide in-life flexibility as required.”
Blazehill Head of Investments Adam Sookia added: "Blazehill is founded on a unique and patient approach to providing facilities, allowing borrowers to access liquidity and unlock value beyond more traditional sources of finance. The Brewery is run by a dedicated and passionate team and this transaction is reflective of the hard work they have put in."
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