Metro Bank has announced that it has provided Downing Pub EIS One Limited — formed from the merger of Pabulum Pubs and Augusts Pub in October — with £7.7 million of funding.
The capital will be used to facilitate the exit of investors who wish to relinquish their investment following the merger, and allow the remainder of investors to roll their funds into Downing Pub EIS One Limited.
Metro Bank chief executive, Craig Donaldson, said: “At Metro Bank, we’re committed to supporting the hospitality sector with deals of varying size, across the country. Our team of hospitality experts, led by Steve Croswell, were delighted to assist Downing and its nine London-based pubs. Downing is an exciting new venture and we look forward to helping the business to achieve its growth ambitions.”
Steven Kenee, partner at Downing LLP, added: “We’re pleased to have completed our transaction with Metro Bank. We have been supported throughout the process and continue to be impressed with the services provided. We look forward to working with them in the future and building on our relationship.”