ISIS serves up expansion capital to Pho restaurant chain
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A Vietnamese street food restaurant chain has gobbled up £5.2 million of growth capital to expand the business.
ISIS Equity Partners has closed a £5.2 million funding round into Pho through its Baronsmead VCTs.
Pho provides traditional Vietnamese food and was named 'Best Emerging Concept' at 2012's Retailers' Retailer of the Year Awards.
Founded in 2005 with its first restaurant in Clerkenwell London by Stephen and Juliette Wall after a trip to Vietnam, Pho now has seven further sites in London and the South East with Spittalfields its latest addition this month.
Following the funding round Stephen and Juliette Wall will continue to lead the business, while Ed and Tom Martin of gastropub chain ETM Group will stay on the board.
The two initially invested in the business back in 2007 and will continue with their support. Benoit Broch, who led the deal on behalf of ISIS, will join the board of Pho.
Stephen Wall, comments, 'In ISIS we have partners who have the same passion, beliefs and commitment to building the Pho brand as ourselves.
'Jules and myself remain at the forefront of the business and are more committed than ever. The ISIS partnership will enable us to spend more time and resource on making the customer experience even better.'
Broch says that upon meeting the Pho business over a year ago, ISIS 'immediately recognised' the strength and relevance of its offering.
ISIS' Baronsmead VCTs last made an investment back in April when it led a £3.7 million deal in day nursery operator Happy Days.