July 9th, 2014

Living Ventures Secures Glasgow Gusto Site

By M&C Report

Living Ventures Secures Glasgow Gusto Site

Living Ventures, Tim Bacon and Jeremy Roberts, has secured its first site in Glasgow for its Gusto brand and sold its Suburbia nightclub in Cheshire, M&C Report understands.

The group has acquired a site in Glasgow's Bothwell Street for Gusto, with a flagship site to open under the brand in Manchester's Elliot House later this summer.

M&C Report also understands that the company is set to add a c2,500sq ft extension to it's The Alchemist site in Manchester's Spinningfields having securing the adjacent All Saints unit. The extension will increase the site's covers to 250.

Earlier this year, the company completed a management buy-out of Gusto with funding from private equity group Palatine as it looks to add about 15 sites over the next four years, including a move into the London area.

Gusto currently operates across nine sites on the north including, Alderley Edge, Cookridge, Cheadle Hulme, Didsbury, Edinburgh, Heswall, Knutsford, Liverpool and Newcastle.

Regarding further expansion, Bacon told M&C Report: "We're looking at four in the first year, then up to five for a couple [of years], getting us to about 25-26 units over four/ four and a half years."

Suburbia in Hale has been acquired by an unnamed group.

Tags: Bothwell Street, Gusto, M&C Report, Suburbia
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GUSTO ~ Restaurant and Bar: Italian for taste and enjoyment
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