Moulton goes on a Walkabout for £20m
Turnaround veteran Jon Moulton has sealed a deal to buy Australian themed pub chain from Intertain.
Jon Moulton, the veteran venture capitalist, has bought Australian-themed pub chain Walkabout in a £20m deal.
Mr Moulton’s turnaround fund Better Capital agreed the purchase of the chain’s parent company after weeks of negotiations. The new investment is expected to fund the refurbishment of the Walkabout estate, which Mr Moulton said had been neglected for several years.
“The major issue the company had was the lack of investment, this deal de-gears the balance sheet” Mr Moulton told The Sunday Telegraph.
The pub chain’s parent company Intertain had been owned by its creditors since 2009. It was formed out of the collapse of Regent Inns in a controversial pre-pack deal.
The company was taken over by main creditors Barclays Bank, Royal Bank of Scotland and Candle Wick, a debt fund run by American investment bank Goldman Sachs. Better Capital will take control of 26 Walkabout sites and six unbranded pubs as well as five Jongleurs comedy clubs. Walkabout is a favourite spot for students and sports fans, including Australian rugby fans.
Intertain hired financial advisers at turnaround specialist Zolfo Cooper in August to find new investors.
Mr Moulton, who set up Better Capital after quitting Alchemy Partners in 2009, said he would be keeping on Intertain’s management.
“I’m not going to be making radical changes to the company – making it for teetotallers and serving just hot drinks”, he said. “As for Jongleurs – maybe I’ll just improve the quality of its jokes.”
John Moulten
Source : The Telegraph Ben Marlow and Ashley Armstrong November 12th, 2014
