The owners of Simmons Bar Group have sold a majority stake in the business to a private equity firm to support ambitious expansion plans.
Nightlight Leisure, which trades as Simmons Bar Group, hopes that, with Lonsdale Capital Partners, it will be able to grow substantially from its 12 sites in London to other UK cities within the next three years.
Nick Campbell, founder and CEO of Nightlight Leisure, said: “To this day, Simmons has been solely funded by the income generated by the bars so the investment from Lonsdale is not only a major milestone for the business, but an exciting step towards the ambitious plans we have for the future.
“Our goal is to triple the number of Simmons bars in London and to begin our expansion into other UK cities within the next three years. We are looking forward to working with Lonsdale and believe they will offer a great platform to support the growth and development of the Simmons group.”
The group is forecast to generate revenues of around £10million for the year ending March 31, 2018.
Goodman Derrick advised Nightlight Leisure on the sale of the majority stake. Its partner James Daglish said: “It’s been a pleasure to act for Simmons as they grew from one bar and a couple of mates, into a highly successful 12-bar chain that is firmly part of the London nightscape, in the space of a few years. This deal will enable the chain to go to the next level, so is exciting for them and was fantastic to be involved in.”
Nightlight Leisure was also advised by Parisi Tax, SKG Business Services and agent Bluebox. Lonsdale Capital Partners was advised by CMS Cameron McKenna, RSM Tenon, Pragma Consulting, JLT Speciality and Clearwater International.
Photo of Simmons Bar in Fitzrovia by Louis Amore.