Justin King Backs £50m Fund to Invest in Hospitality Firms

Justin King Backs £50m Fund to Invest in Hospitality Firms
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A consortium of high-net-worth individuals, spearheaded by Justin King, former chief executive of J Sainsbury, has raised £50 million to pursue acquisitions within the premium restaurant sector.

A consortium of high-net-worth individuals, spearheaded by Justin King, former chief executive of J Sainsbury, has raised £50 million to pursue acquisitions within the premium restaurant sector.

Named Hestia Hospitality, after the Greek goddess symbolising home and hospitality, the consortium aims to target £100 million in revenues within three years. Andrew Fishwick, CEO of the Salt marketing agency and a restaurateur, serves as the majority shareholder of Hestia, alongside King. Fishwick expressed optimism about their venture, highlighting previous challenges faced in 2021 but indicating a renewed focus and strategic approach in their current endeavour.

Having secured £1 million in seed funding last year, Hestia Hospitality has already completed three acquisitions, including the Native restaurant and a minority stake in All Things Bloom, a specialist coffee brand. Additionally, the consortium is in advanced negotiations to acquire two larger businesses, indicating their commitment to expansion and growth within the sector.

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Fishwick emphasised their intention to diversify beyond London, targeting regional and international markets, capitalising on attractive opportunities amidst a shifting economic landscape. Despite challenges in garnering investor interest in the hospitality sector, Fishwick believes that Hestia’s successful fundraising demonstrates a changing tide and growing investor confidence in the premium end of the market.

Backed by private family offices and high-net-worth individuals, Hestia Hospitality aims to identify businesses that have weathered the pandemic and possess strong growth potential. Fishwick underscored the importance of seizing opportunities in an industry experiencing pent-up demand and favourable market conditions.

With a focus on strategic acquisitions and rapid expansion, Hestia Hospitality aims to inject momentum into its growth trajectory. Fishwick expressed enthusiasm for their ambitious plans, envisioning a dynamic future for the consortium as they navigate the evolving landscape of the hospitality sector.

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Justin King Backs £50m Fund to Invest in Hospitality Firms

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