Better Capital pays Â£20m for Walkabout
Private equity firm Better Capital, founded by venture capitalist Jon Moulton, has bought the Australian-themed pub chain Walkabout for £20m.
Its BECAP12 Fund has acquired the debt facilities of Hemel Hempstead-headquartered Intertain, Walkabout's parent company which was formed via a pre-pack deal to acquire the prime trading assets previously owned and operated by Regent Inns.
Intertain has been owned by a consortium of its creditors, including Royal Bank of Scotland and a debt fund run by American investment bank Goldman Sachs, since 2009.
Its audited revenues and operating loss for the year to 2 February 2013 were £59m and £3m respectively.
Better Capital has now taken control of 26 Walkabout sites, six unbranded pubs and five Jongleurs comedy clubs.
Intertain, led by its chief executive John Leslie, bought assests of Regent Inns in October 2009.