Barburrito leads expansion drive with fourth Manchester venue
Mexican-style casual dining chain Barburrito ](http://www.barburrito.co.uk/)is set to open its fourth venue in Manchester, as it aims to build the business to 12-13 sites across the country by the end of 2011.
The company, founded and run by former management consultants Morgan Davies and Paul Kilpatrick, currently has five outlets in major city centre shopping complexes, including three in Manchester, one in Liverpool and one in Leeds.
Now Barburrito is seeking a second round of funding of between £5m and £10m, as it plans between two and three more openings this year (including another site in Manchester), followed by a further six in 2011 as it branches out to Birmingham, Nottingham and London.
The growth could see the company increase its workforce from around 90 people to 200 by the end of next year, and annual turnover is expected to double to £3.6m by the end of September 2010.
Speaking to Caterer about the firm's long-term plans, Davies said: "We are committed to rolling out Barburrito nationally. There is a lot of interest in the concept and other entrants will appear this year, including Chipotle from the USA. We see this as a good thing as it will help to build awareness of the cuisine."
Meanwhile, chairman Richard O'Sullivan, who co-founded and owned Millie's Cookies until 2003, and is now owner of Boost juice bars and chairman of late night bar operator Baa Bar said: "Barburrito's rapidly growing popularity with consumers is due to its consistency in selling fast, fresh, and healthier Mexican food. This has enabled us to embark on a well co-ordinated expansion plan."
BARBURRITO FUNDING
Founders Morgan Davies and Paul Kilpatrick opened their first store in 2005 with £100,000 of their own cash and £180,000 from a bank loan. Angel Investment allowed them to open the second store, after winning Best Newcomer at the Manchester Food & Drink Festival. In 2009, fund manager Cenkos bought a significant stake in the company, for a reported seven-figure sum.
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