£9m to stoke Red's True Barbecue's fires
Restaurant group Red's True Barbecue has secured a £9m investment as it seeks to continue its national expansion over the next two years. The company, which has branches in Leeds, Nottingham, Manchester, Liverpool and Headingly, secured £5m in May and has now received another £9m. The new investment is reported to be a majority debt arrangement with Santander, which also comprises a secondary round of equity investment from its original panel of industry leaders. They include industry veteran Ian Neill, Jamie Barber (Cabana), Stephen Wall (Pho), Brandon Stephens (Tortilla), Maurice Abboudi (K10), Dom Lake (Canteen) and retail entrepreneurs Aarish Patel and Sunny Gill. Scott Munro, co-founder of Red's True Barbecue, said the latest cash boost would enable the business to open between eight and ten new restaurants in the next two years.
Note: News bulletin content has been provided by a third-party and is not the opinion of Santander
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