Barracuda secures extra £40m to fund expansion
Pub chain Barracuda has secured £40m of additional funding to help finance its UK-wide expansion plans.
While £4m of the extra money is earmarked for creating new facilities to cope with the introduction of the smoking ban this summer, the rest of the extra cash, from Royal Bank of Scotland will fund the company's acquisition programme.
A company spokesman said: "This bolsters the existing openings across the UK and by late summer we hope to have doubled our estate in Scotland as well as be on track to open a further 30 properties each year until we reach our target of 300."
The funding is in addition to the £35m ‘expansion war chest' which was announced by chief executive Mark McQuater last September.
Established in 2000, the Barracuda group has over 190 pubs and bars in its estate. In 2005, it was the subject of a £262m secondary management buyout and is now backed by Charterhouse Capital Partners. In 2006, the group's turnover increased by 19% to £127.1m.
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By Emily Manson
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