The company currently operates 30 restaurants and 3 dark kitchens across the country, with the latest due to open in Lincoln later this summer.

Funding Story:

TriSpan has acquired a significant majority stake in the restaurant group through its dedicated restaurant fund Rising Stars, and ThinCats were approached to provide refinance and capex for growth in support of the acquisition. ThinCats were advised by Harrison Clark Rickerbys.

Patrick Marrinan, Managing Director, Pho, added: “It’s a real honour to lead the company through the next phase of growth and, whilst this deal means we have to say goodbye to a great partner in Gresham House, we are delighted to be welcoming Robin and TriSpan to the Pho team. I look forward to continuing Pho’s exciting journey alongside our outstanding management team, with the continued support of Stephen and Jules.”

Robin Rowland, Operating Partner, Trispan LLP: “I am looking forward to working alongside Patrick, the founders, Pho’s proven management team and strong board to continue the evolution of this ‘honest-to-its-roots’ brand, delivering authentic, fresh and exciting Vietnamese cuisine. We thank Dave and the team at ThinCats for their support in delivering the funding package in support of the acquisition.”

Dave Sherrington, Regional Head of Sales, London, ThinCats: “Pho have bucked the trend of many hospitality businesses over the past 18 months – maintaining such a high level of output in the most challenging of environments showcases their impressive levels of commitment and versatility. We are excited to see their next steps with this funding and their partnership with Trispan.”