4 May 2021
Grosvenor kicks off Tenant Investment Fund
Landlord Grosvenor Britain & Ireland announces its support for new tenant, Bibi, at 42 North Audley Street in Mayfair, a new concept from JKS Restaurants.
- Loan supports opening of latest JKS concept, BiBi, in North Audley St, Mayfair
- Innovative financing model enables tenant expansion when bank funding is constrained
JKS Restaurants is a renowned hospitality group in London, founded by the Sethi family in November 2008. At the forefront of innovation, they run some of the capital’s most sought-after restaurants including Gymkhana, Hoppers, BAO, Sabor and Lyle’s.
BiBi, which will open in late summer, will be spearheaded by Chet Sharma who has worked as Group Development Chef for JKS for last four years. The name, derived from Urdu, is a term of endearment for grandmothers across the Indian subcontinent.
In 2020, Grosvenor, which partners with over 500 retailers and food and beverage operators in Mayfair and Belgravia, confirmed it would selectively invest in tenants with new business ideas, and diversification strategies.
In helping businesses grow post pandemic, Grosvenor is taking an innovative and confident view on the success of Central London at a time when the market is at its most uncertain and access to traditional financing is interrupted.
Grosvenor approaches each investment opportunity on a case-by-case basis but has the ability to offer a range of partnerships from debt to equity.
James Raynor, CEO, Grosvenor Britain & Ireland commented: “Right now operators wanting to expand successful businesses are hamstrung; finding financing for growth is hard. Through a new kind of partnership between property owners and occupiers, we’re providing what’s needed when its needed. And we’re seeing demand for this innovative, tailored support from brands we already partner with right through to new retail and hospitality concepts for Mayfair and Belgravia.
“The JKS team are at the top of their game and we are delighted to play a part in enabling their latest venture, BiBi, to open in Mayfair.”
Jyotin Sethi, CEO of JKS Restaurants added: “We are so excited to be launching BiBi with Chet Sharma and we really value the support that Grosvenor has given us. The property group's confidence in JKS and BiBi, and in the success of Central London generally, is incredibly important after such a challenging and unsettling time this last year. Grosvenor has done all it can to support tenants during the pandemic and we're thrilled to be partnering with such a forward thinking and innovative landlord.”
Since the first lockdown, Grosvenor has acted quickly and creatively to support tenants and their long-term future. This includes waiving rent for hundreds of retail, charity and food and beverage tenants and funding an extension of the Government’s popular Eat Out to Help Out scheme in September 2020, which attracted almost 56,000 diners to Mayfair and Belgravia.
Following the success of last summer’s trial, North Audley Street has now been transformed into an outdoor ‘dining room’ experience. With environmentally friendly lighting and heating and widened pavements, established operators on the street including ROKA, North Audley Cantine and the soon to open IVY Asia have been able to create stunning new ‘dining rooms’ for customers to enjoy.
About Grosvenor Britain & Ireland
Grosvenor Britain & Ireland creates great places where communities, business and nature thrive.
In London’s West End, we support 9,000 residents, c1,000 businesses and 50,000 workers every day. We also create and manage sustainable neighbourhoods in London, Liverpool and across the South East of England.
We are one part of a global, family owned business that has been developing and managing land and property for over 340 years. Thinking long term allows us to give equal weight to the environmental, social and commercial impact of everything that we do.
Notes to Editors
About JKS Restaurants
JKS Restaurants was established in 2008 by Jyotin, Karam, and Sunaina Sethi. The group encompasses the award-winning restaurants created by the Sethis and those they partner with and invest in. It includes restaurants Gymkhana, Trishna, Brigadiers, Hoppers, Berenjak, Lyle’s, Flor, Sabor, Kitchen Table, and BAO, and home delivery brands Motu, ASAP Pizza, and Rice Error. During the pandemic, the group launched e-commerce retail platforms Ambassador General Store, Hoppers Cash & Kari, BAO Convni Store, Sabor En Casa, Berenjak Bazaar, & Home by Kitchen Table, Bubbleshop, Lyle’s Provisions, and Flor Bakery. For JKS Restaurants’ complete portfolio, please visit jksrestaurants.com
Address: 42 North Audley Street, Mayfair, London, W1K 6ZR
Instagram: @chetsharmaox | @bibi_ldn