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VCT and EIS funds managed by Downing LLP have invested £5 million to support Exclusive Events Venues (EEV) to acquire and redevelop Chester’s Old Bishop’s Palace into an exclusive-use wedding and events venue.

The 18th century, Grade II* listed mansion boasts commanding views over the River Dee and is the former residence of the Bishop of Chester. The impressive building is currently vacant but is expected to start hosting events in autumn 2017 before undergoing an extensive refurbishment programme in early 2018. The site will relaunch as a stunning exclusive-use wedding venue, including a new function room with views of the city walls and Roman gardens. EEV has been working closely with Historic England and Chester Council to ensure the refurbishments are sensitive to the historic nature of the building.

EEV is led by entrepreneur and founder Simon Matthews-Williams, who brings decades of hospitality experience to this project. Artemis Venue Services, a leading promoter and operator of UK wedding venues, co-invested alongside Downing-managed funds and will provide operational expertise to EEV.

Simon Matthews-Williams, founder of EEV, said: “Downing has been a true partner in this investment, providing both the strategic and financial support to help us acquire such a fantastic, historic property in the heart of Chester. We are delighted to work with them and Artemis in bringing Old Bishop’s Palace back to the public as an exclusive-use wedding venue.”

David Martin Smith, Investment Manager at Downing LLP, said: “We are excited to support an industry-leading management team to acquire a stunning property with huge potential. Wedding venues provide a fantastic alternative use for properties with character, which are often unsuited to other leisure offerings. The highly cash generative business model makes it an attractive sector for our investors. We look forward to working alongside EEV and Artemis to grow this business into a leading exclusive-use wedding and events venue in Chester.”