GEIF Ventures matches business angels with a £100,000 co-investment
in Spice Inns
26 November 2003
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26 November 2003, Cambridge UK. GEIF Ventures,
a £2.5 million fund set up within NW Brown Group in April
2003 to co-invest alongside business angels has announced that it
is to invest £100,000 into Spice Inns, alongside Great Eastern
Investment Forum (GEIF) business angels.
Spice Inns offer a contemporary and healthy dining
experience with a local/ ‘non-chain’ feel. Providing
a menu of flavour and flair, Spice Inns is dedicated to offering
mouth-watering dishes made from high quality ‘farm fresh’
food from local growers. Spice Inns’ patrons can expect dining
in a relaxed non-smoking environment, and served by friendly and
efficient staff. Their concept is simple – provide premium
service, food and drinks ‘in the comfort’ of your neighbourhood.
“The funding from GEIF Ventures and GEIF
angels comes at a very exciting time for Spice Inns,” stated
Barry Hilton, Managing Director and Co-Founder of Spice Inns. “We
are delighted that the investors share our confidence in the ‘Spice
Inns’ and ‘Relish Deli/ Farm Shop’ concepts. This
investment will help us to build on the success of our first Spice
Inns restaurant - The Hillside Restaurant near Hertford, and bring
our unique dining experience to more locations.”
Max Bautin, who manages GEIF Ventures, added,
“I am pleased to see that angels have invested in Spice Inns,
as it reminds us that entrepreneurialism extends beyond the technology
markets. With the excellent management team, innovative concept
and now substantial funding, Spice Inns has all the ingredients
to extend its success across the Home Counties.”
Cambridge office of Mills & Reeve acted as the legal advisers
for the transaction.
Further enquiries:
Max Bautin
GEIF Ventures Ltd
max.bautin@geifventures.co.uk
For media enquiries please contact:
Steve Greenahlgh
Profile Communications
01223 236736.
Notes to Editors:
GEIF Ventures
GEIF Ventures is a £2.5 million co-investment fund within
the NW Brown Group established with the commitment by the Small
Business Service to co-invest with GEIF business angels into promising
businesses. GEIFV is able to co-invest initially up to £100,000
and, if appropriate, follow up its investment by another £100,000
after 9 months. GEIFV is not a lead investor and can only invest
when a company receives an investment from GEIF business angels.
Great Eastern Investment Forum
www.geif.co.uk
GEIF is a leading UK business angels network strategically based
in Cambridge. It is the fundamental link between early stage companies
and business angels seeking quality investment opportunities. GEIF
introductions, through regular company presentations and breakfast
meetings, provide a secure and confidential business environment.
GEIF website brings members all the latest investment opportunities
and other relevant news. Since GEIF was launched in 1995, its members
have helped over 150 early stage companies to raise in excess of
£20 million of investment and to strengthen their teams with
invaluable management skills. Membership of GEIF includes private
investors, corporate investors, venture capitalists and corporate
advisers.
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