Falling alcohol sales have failed to dampen the spirits of Soho Clubs and Bars chief executive Joachim Ritter, who is seeking a backer to fund his expansion plans.

Falling alcohol sales have failed to dampen the spirits of Soho Clubs and Bars chief executive Joachim Ritter, who is seeking a backer to fund his expansion plans. The owner of the company, Geoffrey Rose, is selling his stake with Ritter hoping to take over.

Steady profits have recently enabled Soho to bag two outlets from the Jewel bar chain, with the third deal for the final bar in the chain expected “soon”, according to Ritter. The decision to sell follows a review of the business by the corporate consultant Kroll Talbot Hughes. Ritter wouldn’t reveal the price of the business or the level of capital sought.

Ritter, who aims to remain at the company in the event of an external sale, said: “Despite tricky market conditions during 2007 we have grown like-for-like sales by 9 per cent to over £18 million. After strong Christmas and New Year trading, which saw turnover rise by 2 per cent, we have decided that the introduction of new capital is required to allow us to continue to expand the business.”