Clerkenwell Ventures, Clapham House boss David Page's new investment vehicle, has raised £4.5m to acquire high-growth leisure businesses and aims to announce its
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Page: focus on hotel
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first deal within six months.
A key focus would be hotel management contracts, said Page, who revealed the company had tried to take control of boutique chain Hotel du Vin by forging a deal with its management team.
Another target is health and fitness clubs, where the company will look to improve the food and beverage operations. However, it's not looking for restaurants - already covered by Clapham House - and bars "are not at the top of the list" because of the tough market on the high street.
The £4.5m was made from the placement of 55.7 million shares on the Alternative Investment Market, and Page will look to raise more.
The former PizzaExpress chief executive said his vehicle would appeal to companies where the financial backers were looking for a whole or partial exit, but the management team wanted to stay on.
Source: Caterer & Hotelkeeper magazine, 4 November 2004