Grand Union set to grow after Luke Johnson investment
Johnson, whose investment in the business has not been disclosed, is to become chairman of Grand Union. Chief executive Adam Marshall said: “We are very excited to welcome Luke on board as an investor and advisor. I believe his experience will help us grow the business to at least 20 sites in the near to medium future across London’s villages.”
Johnson, who’s investing in a personal capacity rather than through his private equity vehicle Risk Capital Partners, said: “We have provided the resources that Adam and his team need to grow their brand.
“He has successfully restructured the business in the last 18 months and is now poised to expand once more.”
Marshall will continue to run the group and did not sell any shares under the deal. It’s possible that Johnson may look at potential synergies between Grand Union and Draft House, another London-based pub group in which he took a significant minority stake in 2011.
In October last year, M&C reported that Grand Union said it had ended talks with private equity in order to focus on building cash reserves for future self-funded expansion.
Marshall said at the time: “The plan now is to continue growing reserves to take on two or three more £1m-a-year sites and build an even better trading profile.”
He said “a number of approaches” had been made for the company, which was founded in 2006 and operates sites in Brixton, Camden, Farringdon, Kennington, Paddington, Wandsworth and Camberwell Grove.
