New dining fund backed by Justin King raises £50 million for investments

A new investment fund targetting fine dining restaurants and other hospitality businesses has raised a £50 million war chest from wealthy individuals and family offices.

The vehicle, called Hestia Hospitality, is led by restaurant and leisure sector consultant Andrew Fishwick and has former Sainsbury’s Justin King as one of its special advisers.

Other directors include Paul Helmsley, former finance chief at The Innovation Group who serves as CFO; Simon Esner, co-founder of WSH, which owned brands including Benugo, Searcy’s, and BaxterStorey - who is non-executive chair; and Morgan Stanley deal maker Steve Smith, who will be a non-executive director

It has already completed its first acquisition, of the sustainable foraging restaurant brand Native founded by Ivan Tisdall-Downes and Imogen Davies, which operated at Brown’s in Mayfair until last October. Other investments are due to be revealed “shortly.” Hestia’s plans to scale up to annual revenues of £100 million within three years.

The fund says Hestia’s management team “will work with each brand to empower the concepts to fulfil their growth potential.” Fishwick said: “This funding round is a resounding endorsement of our thesis that there has never been a better time to invest in our sector. There are exceptional businesses with outstanding entrepreneurs and management teams behind them that need the support to grow to their full potential.

“Hestia is designed to be the antithesis of private equity; it is designed to nurture and facilitate sustainable growth and development, whilst maintaining excellence and keeping the customer experience at the front and centre of everything we do.”