Mid-market private equity firm Bowmark Capital is investing £30m in management buyout and expansion of London bar and restaurant group Drake & Morgan.

Founded in 2008 by the Imbiba Partnership, the group's sites include The Refinery in Southwark, The Parlour in Canary Wharf and three sites in the City - The Anthologist, The Folly and The Drift.

Its concept is for all-day food and drink offering in stylish, accessible and female-friendly premises.

Over the past three years the group has experienced 75 per cent growth in sales, with a current level of £18m.

Drake & Morgan sites are typically based in landmark locations, often on the ground floor of new office developments.

Sites in St. Paul's and Holborn are planned for openings this year, while a further eight sites have been identified for expansion over the next two years.

Over the long term the company plans to roll-out the concept nationwide with potential for up to 70 units across the UK.

Bowmark's track record backing roll-outs in the leisure industry includes investments in Las Iguanas and Living Room restaurant and bar chains.

John Connell of Imbiba said: "This transaction is consistent with our 'buy, build and exit' business model.

"Drake & Morgan has now completed its 'start-up stage' following which the dynamics of the company will change and it is now time to hand over to new owners to move the company to a more mature level."