No Saints, the bar and restaurant operator launched by Luminar founder Stephen Thomas in 2010, is to secure an additional £2.1m of funding to push forward its UK expansion plans.

Private investor syndicator Hotbed has confirmed that it is conducting fundraising on behalf of the business, which is chaired by Fitness First founder Mike Balfour. It follows a successful rights issue that generated £1.8m from current shareholders, and will add to the £3m provided by Hotbed investor members last year to launch No Saints.

No Saints recently unveiled the Greene Room cabaret concept in Milton Keynes - its fifth property in total, while its Chicago Pizza Pie Factory format is to launch in Bristol later this year. The group's portfolio already includes the Jam House, developed in partnership with Jools Holland, while there are also plans to open 10 outlets under the Wonder brand in 2011.

Thomas said: "Mass drinking venues may be suffering but there is still unmet demand, especially amongst a slightly older age group, for nights out that offer a sense of occasion and fill the gap that exists outside London between bar and nightclub. "While other operators are tied up by existing leases and still repairing the financial damage caused by the recession, No Saints is able to move quickly to find the best venues for this audience."