ThinCats provides funding package to support acquisition of Pho
Alternative lender to mid-sized SMEs, ThinCats, has provided a funding package to support leisure specialist PE firm, Trispan, with the acquisition of Pho, a Vietnamese restaurant group in the UK.
Pho was founded by Stephen and Juliette Wall in June 2005 with a restaurant in Clerkenwell, after they had travelled to Vietnam and fallen in love with the food. It remains a family-run business under the new MD, Pat Marrinan, serving Vietnamese street food that is cooked fresh daily in each site. The company currently operates 30 restaurants and 3 dark kitchens across the country, with the latest due to open in Lincoln later this summer.
TriSpan has acquired a significant majority stake in the restaurant group through its dedicated restaurant fund Rising Stars, and ThinCats were approached to provide refinance and CapEx for growth in support of the acquisition. ThinCats were advised by Harrison Clark Rickerbys.
Patrick Marrinan, Managing Director at Pho, added: “It’s a real honour to lead the company through the next phase of growth and, whilst this deal means we have to say goodbye to a great partner in Gresham House, we are delighted to be welcoming Robin and TriSpan to the Pho team. I look forward to continuing Pho’s exciting journey alongside our outstanding management team, with the continued support of Stephen and Jules.”
Dave Sherrington, Regional Head of Sales, London, ThinCats: “Pho have bucked the trend of many hospitality businesses over the past 18 months – maintaining such a high level of output in the most challenging of environments showcases their impressive levels of commitment and versatility. We are excited to see their next steps with this funding and their partnership with Trispan.”