Barburrito secures £3.6m from Business Growth Fund to drive expansion

29 May 2014 by
Barburrito secures £3.6m from Business Growth Fund to drive expansion

Barburrito has received a further £3.6m investment from the Business Growth Fund (BGF) to continue to roll out the brand.

The burrito bar chain was the BGF's first investment in the North West, receiving £3.25m in April 2012. It has since rolled out new sites in London, Leeds and Nottingham.

Following the latest investment, which sees BGF retain a minority stake in the business, Novus Leisure's Graham Turner has joined the board as non-executive chairman.

Steve Herring has also been brought in as finance director. He brings experience in rolling out brands such as Pets at Home and Tulip Inn hotels.

Barburrito managing director and founder Morgan Davies said: "This is a great vote of confidence from our investment partners and, most importantly, the funds give us the fire power to continue on our mission to be the most loved burrito brand in the UK.

"We have recently taken the opportunity to strengthen our management team and, with the addition of Graham as chairman, we have the leadership in place to crack on with planned expansion."

Andy Gregory, BGF's regional director for the North of England, added: "This was the first investment led by our Manchester office and two years later, we are delighted to be investing once again in a fantastic brand and hospitality offering led by an ambitious management team. Our initial decision to invest has been well supported by the company's performance and the addition of Graham to the team should support this growth even further."

Barburrito plans three more site openings soon >>

Barburrito to triple number of sites and target London after £3.25m investment >>

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