Gresham House Ventures to exit investment in restaurant chain Pho

Gresham House Ventures has agreed to sell its stake in Vietnamese restaurant chain Pho.

Gresham House Ventures has agreed to sell its stake in Vietnamese restaurant chain Pho. No financial terms were disclosed. The exit is a result of TriSpan acquiring a majority stake in Pho.


Gresham House Ventures, a specialist growth equity investor providing development capital to innovative consumer, healthcare and services businesses, has agreed the sale of its stake in Pho, the leading Vietnamese restaurant group, on behalf of the Baronsmead VCTs.
In 2012, the Baronsmead VCTs invested £4.4m for an approximate 30% stake in Pho, funding the rollout of new high-quality and highly profitable sites. Since the initial investment, Pho has expanded from six sites to 30 restaurants nationwide and three delivery-only kitchens.

Pho’s profits grew strongly since investment, and the business generated revenues of about £40m in the year to February 2020. Bolstered by a successful delivery channel and healthy offering, Pho demonstrated resilience through the pandemic.

A majority stake in the business is being acquired by TriSpan, a leading private equity firm with specialist expertise in supporting high-growth restaurant companies in Europe and North America. With extensive restaurant and consumer brand experience, TriSpan will work with Pho’s founders and management team on the group’s next phase of growth. The Baronsmead VCTs fully realised their investment on completion of the sale.

Founded in 2005 by husband-and-wife team, Stephen and Juliette Wall, Pho is known for its fresh and healthy Vietnamese food, cooked daily in each restaurant.

Bevan Duncan, Managing Director, Strategic Equity at Gresham House Ventures says:
“Our investment in Pho has supported the company in becoming a well-known high-quality restaurant and successful delivery business in the UK. The emphasis on quality and the measured approach to growth have both been crucial to Pho’s success. In addition, our deep consumer network and expertise have helped the team shape the growth strategy and the development of the management team which will support the ongoing success of the business.”

Stephen Wall, co-founder of Pho, adds:
“Gresham House Ventures have been a pleasure to work with and the perfect partners over the last few years. Thanks to Bevan and the team for having the confidence to back us and the ongoing belief in the brand and product.”

About Gresham House Ventures and Gresham House
Gresham House Ventures is a growth equity investor specialised in scaling businesses with business models driven by technology, customer insight or service excellence. Gresham House Ventures aims to work with ambitious management teams who want the support of a flexible long-term investor who brings capital, insight and expertise. The team has been working together for over 10 years and has made over 100 investments into growth businesses.

Gresham House Asset Management is the FCA authorised operating business of Gresham House plc, a London Stock Exchange-quoted specialist alternative asset manager. Gresham House is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.