Imbiba to launch third EIS fund

This sum, which was raised through the group’s London Bar and Restaurant EIS Fund 2, which closed earlier this month, will see £2.25m invested in both its Darwin & Wallace and Camm & Hooper vehicles.

To date, more than £6.5m has already been invested in both fledgling formats through the first Imbiba Fund. It is thought that the third fundraising round will close around the end of March next year.

Darwin & Wallace started trading in March at No.11 Pimlico Road, near Victoria, central London, and is in talks over a number of other sites in the capital.

Camm & Hooper began trading in prime event spaces in May and now has two sites, Tanner & Co, in Bermondsey, south-east London; and the Banking Hall site on Lombard Street in the City of London.

The group has embarked on an extensive renovation programme and plans to launch the Banking Hall, which already has capacity for 400 people, next April.

The sale of Drake & Morgan, the London-based bar and restaurant group, to Bowmark Capital achieved a return to investors through former backers Imbiba of more than five times the cash invested.