Investment firm Longshot has secured more than £30 million to acquire companies in the leisure sector and is in early discussions with potential targets.

Investment firm Longshot has secured more than £30 million to acquire companies in the leisure sector and is in early discussions with potential targets.

Longshot’s directors, Ollie Vigors and Joel Cadbury, raised the money primarily from institutional investors and are looking to invest in hotels, restaurants, pubs and health clubs with valuations of about £10 million. They will consider deals with underlying asset value as well as turnaround opportunities.

In addition, Longshot has entered into a joint venture with accountancy firm Haysmacintyre to provide consultancy services to struggling businesses in the leisure industry.

Vigors and Cadbury established Longshot in 1994 and built the company to a value of more than £50 million before disposing of its investments by July 2007. Previous portfolio companies have included 24-hour restaurant Vingt-Quatre, health and fitness centre The Third Space, and private members’ club The Groucho Club.

Longshot’s non-executive directors include Tim Morgan, previously an executive at investment bank Goldman Sachs, and Tommy Sopwith, the former chairman of Silverstone Circuits and director of exhibition centre Earls Court Olympia.