© Blazehill Capital 2024
News: 29 Aug 2024
Blazehill Capital completes first exit from Fund II with The Brewery on Chiswell Street
Blazehill is pleased to share details on the sale of The Brewery on Chiswell Street (The Brewery), triggering Blazehill’s first exit from our Fund II Credit Opportunities Strategy.
Blazehill supported The Brewery On Chiswell Street with a £14m Senior Term Loan following the resurgence in demand post pandemic. The facilities were used to fund legacy working capital and provide liquidity to support investment and growth initiatives for both Shareholder and Company.
In August 2024, Rhubarb Hospitality Collection (RHC) acquired The Brewery, one of London’s leading large scale event venues. RHC has continued to grow rapidly since its acquisition by Oak View Group (OVG) in 2023, which has recently opened Co-op Live in Manchester, UK where RHC provides hospitality service.
James Varah, Chief Executive at The Brewery, said: “The Brewery has developed a reputation as the go-to venue for major conferences, awards, and dinners in the City of London. The facilities provided by Blazehill were instrumental in providing a platform for our turnaround post pandemic and giving us the headroom to explore growth opportunities. Whilst many lenders struggled to provide suitable facilities to the events sector post pandemic, Blazehill worked tirelessly with the Management team to understand the drivers behind our vision to provide an optimised debt solution. Michael Gould attended our monthly Board meetings on behalf of Blazehill, allowing them to provide a sounding board on relevant matters and provide in-life flexibility as required.”
Adam Sookia, Head of Investments at Blazehill, said: “This transaction epitomises the Blazehill product and represents a tremendous success story for all involved. Blazehill is founded on a unique and patient approach to providing facilities, allowing borrowers to access liquidity and unlock value beyond more traditional sources of finance. The Brewery is run by a dedicated and passionate team and this transaction is reflective of the hard work they have put in. Blazehill is proud to have supported the Brewery during a challenging macro environment, and wish James Varah and team the best of luck under their new stewardship.”
Blazehill were supported by Pinsent Masons, team led by Catherine Howe, on the transaction.