Barracuda reveals £35m war chest and ambitions to double in size
Managed pub chain Barracuda has revealed it has a £35m "war chest" that it intends to use to almost double its presence within the next five years.
The chain currently has 188 pubs, with a further six in the pipeline due to be opened before the end of this month.
But chief executive Mark McQuater has said he is looking to expand the chain, already growing rapidly, even more aggressively.
McQuater, who set up the group in 2000, told The Scotsman newspaper his target was 20% expansion a year.
"We now have 188 sites, which we want to increase by 30 a year, giving us a total of 300," he said. "With a debt facility from RBS and a lively cashflow we have a war chest of £35m which we will use to fund an aggressive expansion."
He pointed to negotiations going on to open sites in Elgin, Helensburgh and Dumfries.
The group's Varsity brand was "flying at the moment", he added. Other brands include Smith & Jones, Juniper Inns and Barracuda Bars.
Earlier this year, the chain smashed through the £100m turnover barrier for the first time, with food sales rising 30%.
McQuater predicted that, over time, the cash lost from banning smoking in pubs and bars would return through food sales.
By Nic Paton
