London small business specialist announces completion of £3.7m investment
A small business specialist investor based in Mayfair has today announced the completion of a £3.7m investment on Hove’s seafront.
IW Capital announced the seven-figure investment into Rockwater Hove, a community driven hospitality venue. Over £1m of the funding was raised by local residents, many of whom have been customers during summer.
Before the second national lockdown, the venue’s Shacks by the Shore saw increasing sales in successful weeks on food, drinks and entertainment.
Luke Davis, CEO of IW Capital said: “This is a hugely exciting project to be involved with and the success of the Shacks by the Shore in the summer has shown us what a community centric venue can be. We are really proud to be partly community owned and will continue to take on feedback from local voices to make it the best possible venue for the area.”
IW Capital’s investment will be used to refurbish the space and create a roof terrace, subject to planning permission. One of the key objectives will be to invest in the design and branding to create a year-round destination venue, giving stimulus to winter trade.
In terms of the immediate future, Rockwater Hove will add around 30 ‘igloos’ to enable social distancing amid the upcoming tiered lockdown – as well as keeping guests warm. The igloos will sit alongside a community first pub, leisure facilities, and wedding hire options.
Luke Davis continued: “With seemingly a new Covid vaccine proving effective each week, we could be drawing toward the end of restrictions and a place such as Rockwater is sure to benefit from increased demand and custom in the spring.”
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