The activity bar operator, Roxy Ball Room, whose venues offer a range of facilities including pool tables, ping-pong, bowling, shuffleboard, mini-golf, arcade gaming and karaoke, is set to expand after securing a £7.5m investment from Foresight Group.
Roxy Leisure Ltd, which runs sites under the Roxy Ball Room, Roxy Lanes and Roxy Arcade banners, was founded in 2013, with brothers Matt and Ben Jones launching the first location in Leeds after identifying the trend towards in-bar activities. The company has expanded over that period and now operates eight venues across Leeds, Liverpool, Manchester and Nottingham.
The Foresight Group investment will be used in-part as growth capital, supporting the company’s expansion into additional locations across the UK with multiple openings planned in 2020, including Birmingham early in the New Year and second venues in Manchester and Nottingham.
Senior Corporate Finance Executive, Will Stanton, commented on the transaction:
“It’s been an absolute pleasure to work with Matt and Ben over the last few years in preparing them to go market for investment. We have always been impressed with how innovative they have been in building a proposition which operates at the forefront of the fast-moving competitive socialising sub-sector of the bar industry.
“Securing a partner as credible as Foresight evidences the strength of the business and the future opportunities.”
Matt Jones, Managing Director of Roxy Leisure said:
“The help and guidance provided by Will, Benn and Stuart at Sedulo have been invaluable, both leading up to the investment process and for securing an investor in Foresight who have significant experience in the industry and are aligned with our vision for the future.”
Rob Jones and Mike Quinn led the transaction from Foresight Group. Roxy Leisure Ltd was represented by Nigel Hoyle, Hayley Blackburn and Dave Paterson of Blacks Solicitors, and Foresight was represented by Vallerie Whalley, Ollie Blears and Kyria Mputo-Mobo of RW Blears. Stephen Green, Mark Leyland and Jonathon Bywater of RSM undertook the financial due diligence.