14 December 2022
Lonsdale Capital Partners (“Lonsdale”) is pleased to announce the successful refinancing of its portfolio business Simmons Bars (“Simmons”) with OakNorth Bank (“OakNorth”). The debt facilities provided by OakNorth will support the continued roll out of Simmons which recently opened its 25th site in Holborn in November 2022.
The relationship between Lonsdale, Simmons and OakNorth began in 2018 when Lonsdale initially invested in Simmons with the original facility being put in place to help Simmons expand its reach. Between 2018-2022 the business has more than doubled its number of sites from 12 to 25, the majority of which are located in central London.
Simmons began as a single bar in King’s Cross in 2012. Today, it has 25 bars offering a variety of cocktails, beers, wines and spirits, and is forecast to generate run rate revenue of around £34 million for the year ending 31 March 2023. Appealing primarily to 18-27 year-old young professionals and students, Simmons is known for its extended happy hour, value proposition and retro feel.
We are very grateful for the support that OakNorth have given the business over the last five years and look forward to continuing that relationship as we push on with the medium term target of reaching 50 sites.David Gasparro, Partner at Lonsdale