Core Capital-owned Brasserie Bar Co has sourced a £23 million debt refinancing from OakNorth Bank and ESO Capital to fund its expansion across the UK.
The funds will enable Brasserie Bar Co, the parent group of casual dining brands Brasserie Blanc and the White Brasserie Company, to open 24 new sites over the next five years.
The refinancing comprises a £12 million senior term loan and £8 million of undrawn facilities from OakNorth Bank, plus a £3 million mezzanine loan from special situations investment management group ESO Capital.
Brasserie Bar Co, led by chief executive Mark Derry, operates 35 sites in the premium casual drinking and dining market in the UK, most of them located in south-east England.
The group has two core formats: Brasserie Blanc, the French brasserie business originally founded by Raymond Blanc and the White Brasserie Company.
Performance of the existing estate has delivered like-for-like sales growth of 6 percent over the last 11 months after a rebranding of the Brasserie Blanc estate and further expansion of the White Brasserie Pub concept.