The Challenge
A Greater Manchester-based commercial finance broker is delighted to assist returning client A Very Inc with the acquisition and redevelopment of a destination leisure venue which once stood as the Presbar Diecast factory in Piccadilly East, Central Manchester.
PMD Business Finance, an independent broker operating from Chadderton, arranged a six-figure funding package on behalf of the dynamic management team who continue to grow their operations despite cautious sentiment within the leisure sector. PMD enjoys a long-standing relationship with A Very Inc’s, having previously supported them with opening other sites including Ramona and Firehouse in the city. PMD has been prolific with its investment into the hospitality industry post-covid and the deal team believe that their client’s acquisition of this historic site will contribute to significant growth in this emerging corner of Manchester City Centre.
The Solution
The A Very Inc founders have over 15 years’ experience having been founders of the highly successful Mission Mars Group headquartered in Manchester, owning the ever-popular Albert Schloss, Albert Hall, Gorilla, The Deaf Institute and Troff. The management team came together again to open the dual concept Ramona and Firehouse on Swan Street. Ever ambitious and with an eye for growth, the Presbar Diecast concept has been well received by media and patrons alike.
In time the venue will become one Europe’s largest artisan food, drink and entertainment destinations, with a capacity to support 3500 customers. Taking over an old Manchester factory, Diecast is inspired by the warehouse clubbing restaurants of New York, the modern beer halls of Austin Texas, and the world’s greatest music festivals.
Diecast is a venue of enormous proportions, standing at 250,000 square feet of former foundry and warehouse, conveniently situated just a few minutes from Piccadilly station. The design team have preserved industrial features such as corrugated steel and roller shutters. In keeping with the industrial theme, ‘phase one’ of the refurb see’s the opening of Leno Ex-Machina. The restaurant’s name comes from a term for weaving, giving a subtle nod to Manchester’s textile heritable, and a Latin phrase meaning ‘by machine’. The concept weaves together food, drinks and entertainment on a literally ‘industrial’ scale.
Owner/Director of Diecast, Dan Mullen said “We’ve been dreaming, planning and preparing this project for years. We’ve done bars, restaurants, clubs and festivals before, but this is something different. It’s hard to describe because it’s multiple experiences under one roof. But no, it’s not a food hall. Manchester has plenty of those. This is an immersive food, drink and clubbing experience on an industrial scale.”
The Results
The PMD Business Finance team comprising of John Platt, Chris Lever and Callum Bull were able to use their expertise in funding Leisure & Hospitality business to arrange a multi-product funding package that enabled A Very Inc to deliver the fit out of phase one, including a full kitchen, bar and restaurant area. Located on Ducie Street, Diecast is now open and the venue provides an amazing hospitality hub including food, drink, live music and entertainment.
“We’re delighted to once again be supporting Dan and the team with the acquisition and fit-out for their latest venture. A Very Inc have made waves in the hospitality and leisure industry, and the new Diecast site in the heart of Manchester is no exception. Myself and the deal team at PMD are thrilled to see this over the line and provide support for the investment and development of Manchester City Centre”.
“John and the team at PMD are long-time friends of the business. They ‘get’ our sector and understand our funding needs and the need to act fast. When we started work on the Diecast business plan, we went to PMD first and have been super impressed with their knowledge, patience and delivery when we needed them most.”