The management team of Etc Venues, led by the newly appointed Alastair Stewart, has acquired the company from managing director Sally Wilton for 拢21m.
Following the sale, Wilton has retired from the company and has been replaced by Stewart, a former managing director of Initial Style Conferences. Claire Adams remains finance director, and Mary Fowell, Graham Laylee and Lin Roucos remain as executive directors.
The buy-out was backed by Dunedin Capital Partners, which provided the initial 拢6m of funding with a further 拢4m follow-on investment. The venue provider has an expansion plan involving cities such as Birmingham, Bristol, Manchester and Edinburgh. Etc Venues has six properties in London.Wilton said: 鈥淚 am delighted that Etc Venues has successfully raised private equity finance to facilitate a national roll-out of the brand. The fundraising and Stewart鈥檚 arrival provide me with an opportunity to retire from the company I founded in 1992. I wish him and the director team every success.鈥
Stewart said: 鈥淚 am very excited to be leading Etc Venues in its expansion strategy and to have the backing and support of Dunedin in developing the brand from an independent, London-based meetings provider to a UK-wide player.鈥