23.5 Degrees is Starbucks’first ever franchisee. It currently operates 14 Starbucks stores across six Southern UK counties –Berkshire, Oxfordshire, Dorset, Hampshire, Surrey and Wiltshire. The investment will provide working capital for the roll-out of new stores, enabling the company to extend its reach into additional regions in the UK. The monies also facilitated the raising of £9.75m of debt finance from the Royal Bank of Scotland, which will be used to acquire 16 further sites.
Gateley Plc acted for 23.5 Degrees Topco Limited and Connection Capital LLP.
The Gateley team was led by Corporate partner Tom Durrant and assisted by Corporate senior associate Tom Rush, Corporate solicitor Dean Chauhan and Banking partner Colin Mattis.