Manchester bar operator secures new funding for expansionAll News
New funding has been secured by leading bar operator Mark Andrew Developments (MAD) to support its plans to expand further across Manchester.
The company, which operates eight bars around the city, has agreed a “multi-million-pound” funding deal with Allied Irish Bank (GB) to help it open more venues that combine “contemporary flair, live music, innovative cocktails and eclectic cuisine”.
MAD director Jonathan Hawkins said: “We are keen to identify new locations for our bars and extend our success across the city and are delighted to secure the financial backing of Allied Irish Bank (GB) to do this.”
MAD was established in 2004 by managing director Mark Andrew, starting with the opening of a small bar in West Didsbury in south Manchester, originally called M20 but now tiki bar Hula. Its other bars include Walrus, Tusk, The Fitzgerald, Rosylee and Hula in the Northern Quarter.
Jonathan added: “MAD has come a long way since the opening of the first cocktail bar in West Didsbury and we have created some of Manchester’s most popular bars. We have been confident in leading the way in the Northern Quarter since opening Walrus, which was our first bar there.”
Mark added: “We spent time talking to a good range of mainstream banks but Allied Irish Bank (GB) were clearly the best in offering us the flexibility we need. We are very excited to be working with them in taking our business to the next level. We can already see that Evan and his team share our vision for the future.”
Evan Geoghegan, who is relationship manager at Allied Irish Bank (GB), said: “We are delighted to support MAD in their exciting expansion plans. They have an impressive team with a wealth of experience across the leisure industry and it is a pleasure to work with them.
“The bars they have located across the city are extremely popular and I have no doubt that their next chosen location will be a huge success. This funding package puts them in a great position when identifying new sites.”
Advisers on the deal were Kuits Steinart Levy acting on behalf of Allied Irish Bank (GB) and Slater Heelis solicitors (via Richard Riley) for MAD. RSM’s Manchester office provided corporate finance advice on the deal.
Steven Radcliffe, associate director at RSM, said: “This transaction provides a wonderful opportunity for the management team to develop the business. MAD has clearly found a successful formula to date, and I wish Mark, Jonathan and the team success in its future endeavours.”
Picture: Evan Geoghegan with Jonathan Hawkins, Mark Andrew and Andrew Blackburn from MAD.
Source : Bar Magazine, Bar Team, 8th August 2017