Exclusive – TriSpan in talks to acquire Pho: Private equity firm TriSpan is in talks to acquire a majority stake in Vietnamese street food restaurant group Pho, Propel has learned. Pho, which was founded in 2005 by Stephen and Juliette Wall, is currently backed by Gresham House Ventures and operates 30 restaurants across the UK, plus three Deliveroo Editions sites. Propel understands talks between TriSpan – which also backs Thai restaurant group Rosa’s Thai Cafe and Thunderbird Fried Chicken – and Pho are at an advanced stage and that a deal could be announced as early as next week. It is thought a deal could see Stephen Wall remain as a director of the business, with current finance director Patrick Marrinan stepping up to become managing director. In the year to February 2020, Pho’s revenue increased 13.2% to £38.9m, with Ebitda up 59.8% to £3.2m. In its most recent accounts, the business said it expected a 45% reduction in total turnover for the year to February 2021. The company is currently on site with a new opening in Lincoln (Exchange Square). Gresham House acquired the fund that controls Pho from Livingbridge in 2018. TriSpan, which is led in Europe by former YO! Sushi chief executive Robin Rowland, acquired a majority stake in the then 13-strong Rosa’s Thai in June 2018. It has since grown to 24 restaurants and a handful of dark kitchen sites.