Set up 2005 by Morgan Davies and Paul Kilpatrick in 2005, Barburrito has grown from its maiden site in Manchester’s Piccadilly Gardens to its current status of having 12 restaurants.
Its expansion, into cities such as Liverpool, Leeds, Nottingham and London, has been supported by equity investment from the bank-backed Business Growth Fund (BGF), which has injected a total of £11.35m from its £2.5bn pot of capital since first becoming involved in March 2012.
According to a statement, the five Pinto Mexican Kitchen restaurants in Glasgow and Edinburgh will continue to operate under the same branding, with the new Barburrito look introduced six months down the line.
Davies, CEO of Barburrito, commented on the deal: “We are thrilled to have acquired the Pinto business. It is a well-run operation with five great locations in Scotland, a key focus area for us. Having grown up in Scotland, I am personally delighted that we are expanding here.
“We are serious about establishing Barburrito as a UK wide operation and this key acquisition in Scotland, affirms our position as the leading burrito bar operator outside of London. As the UK’s first burrito bar, we are now proud to be operating 17 restaurants across eight major cities.”
Barburrito currently employs more than 280 people and is committed to opening additional new locations so that it has 25 shops in the next two years. Combined turnover run rate is now over £13m in net sales, more than 18 months after co-founder Kilpatrick left to pursue other interests.
Read more about the Business Growth Fund:
- From post-credit crunch experiment to 100-strong portfolio of growth companies
- Unruly and Trunki backer Business Growth Fund crosses £500m investment mark
- Business Growth Fund recruits heavyweights to lead new technology venture capital fund
Other food and drink brands to have received backing from the BGF include Boost Juice Bars, Camino, Wear Inns and Peyton and Byrne. The investment firm, which is supported by Barclays, HSBC, Lloyds, RBS and Standard Chartered, recently announced its first full exit when digital advertising business Unruly was sold to News Corp through a deal worth £114m.
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