The Caterer

Barracuda and Charterhouse Capital complete £262m deal

28 June 2005
Barracuda and Charterhouse Capital complete £262m deal

Pub and bar operator Barracuda has secured new backing from Charterhouse Capital Partners in a £262m deal.

Previous backers PPM Capital had been with Barracuda for five years, seeing it grow from a start-up to managed pub company with 160 pubs nationwide.

Barracuda's management team, led by Mark McQuater, remain at the helm and have taken a share in the business.

McQuater said: "A fair price has been paid for what is an excellent business with a demonstrable track record and significant future potential growth."

The company's brands include Smith and Jones, Varsity and Barracuda Bars. The group has an ambitious expansion plan, having already opened 14 new units this year, with seven more in the works and a target of 30 for the year.

Charterhouse has previously backed the Tussaurds and Coral groups. Duncan Aldred, a partner at the group said: "We have every confidence that Barracuda will continue to deliver an excellent performance."

Barracuda was founded in 2000 by McQuater and three other directors.

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