, UK

TriSpan gobbles up majority stake in Pho

The first Pho restaurant opened in 2005 in Clerkenwell and has since expanded to 30 restaurants and three delivery-only kitchens.

Global private equity firm TriSpan announced its dedicated restaurant fund has acquired a majority stake in Vietnamese restaurant group Pho.

Former finance director Patrick Marrinan will lead the group as managing director in its next phase of growth whilst founders Stephen and Juliette Wall will remain in executive roles alongside operations director Ewan McDonald and marketing director Libby Andrews.

TriSpan’s European Operating Partner Robin Rowland will chair the board with Steve Hill, the chain’s current chairman, remaining on the board as a non-executive director.

Financial terms of the deal were not disclosed.

The first Pho restaurant opened in 2005 in Clerkenwell and has since expanded to 30 restaurants and three delivery-only kitchens.

“After an extremely challenging 18 months, during which time the superhuman efforts of our team and support of our landlords have helped us to weather the pandemic, it’s fantastic to receive this vote of confidence in Pho. Gresham House have been wonderful partners and we now look forward to working with Robin and the TriSpan team as we get back to what we do best, with Pat stepping up and leading the charge as MD along with Ewan, Libby and the rest of our team,” Pho founders Stephen and Juliette Wall said in a statement.

Patrick Marrinan, managing director, 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.”

This is TriSpan Rising Stars’ eighth investment globally, and its third in the UK, following previous investments in Rosa’s Thai Café and Thunderbird Fried Chicken.

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