ESO Capital, previously the sole lender to UK-based restaurant chain Brasserie Bar Co, has now moved to providing a mezzanine facility to the borrower resulting from a refinancing. ESO previously provided a £13 million facility to Brasserie Bar shortly after it was acquired by Core Capital in 2011.
That facility has now been refinanced with OakNorth Bank agreeing to provide a £12 million senior loan facility alongside an £8 million undrawn facility. ESO will remain involved as a lender by providing a £3 million mezzanine sleeve. A spokesman for ESO did not return calls for comment by time of publication.
Stephen Edwards, founding partner at Core Capital, told PDI the refinancing is happening now since the business has grown to the level where it can support this type of debt facility. “We’ve grown to a scale where the business can support a certain level of senior debt,” he said.
Edwards added the new financing has a term of five years. He declined to say what the interest rate being paid on the new facility was.
Brasserie Bar is a restaurant chain running high-street locations, pubs and hotel-based locations. The financing will be used to help the firm open six to eight new locations each year. The firm has 35 chains with the goal being to increase this number to 60, Edwards said.