IW Capital is pleased to announce the completion of a £3.7million investment into Rockwater Hove, a community-driven hospitality venue on Hove’s seafront. Testament to its community ethos, over £1million of the funding was raised by local residents, many of whom have already been customers over the summer.
The investment comes at a critical time for regional hospitality, with the announcement of tiered lockdown ravaging large part of the UK’s spread of bars and restaurants, community driven support, powered by IW Capital leads the charge for the sector’s development through and post Covid-19.
The funds will be used to refurbish the space and create a roof terrace – subject to planning permission – as well as expanding the offering of “Rockwater Life”. The lifestyle and hospitality offering extends to sea swimming, a tennis club, pilates, yoga and other exercise classes to engage the local community. This is in addition to the popular hospitality venue which will also be available for wedding hire and live music.
Rockwater has seen tremendous success over the summer and prior to England’s second national lockdown with Shacks By The Shore, which offered outdoor food, drinks and entertainment to locals and the busy seafront. The Shacks recorded increasing sales in each successive week since opening over the summer with figures competing with recognised high-street brands. The success has relied on great support from thousands of local residents, continuing the theme of a community first pub, owned in-part by local residents.
Outdoor trade amid winter restrictions is set to be bolstered by the addition of 30 “igloos” designed to allow families to enjoy the outdoor setting while following Covid guidance and staying warm. One of Rockwater’s key objectives will be to invest heavily in the design and rebranding of the building itself to create a year-round destination venue, giving a well needed stimulus to the winter trade.
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