Leeds-based Red’s True Barbecue (“Reds”), is to open two new restaurants following a multi-million pound funding deal with Santander Corporate & Commercial.
The funding will be used to support the brand’s 2015 opening plans, including the now opened Nottingham site, one in Shoreditch in July, and a further location already secured which is to be announced.
Established in 2012, Red’s currently has three other restaurants located regionally around the UK: in Leeds, Manchester and Headingley. Since opening its first restaurant, the company has received multiple accolades: it was recently tipped by Restaurant Magazine as one of the top five restaurant brands to watch in 2015.
The team behind the firm have aspirations to grow the firm significantly with turnover forecast to double this year. The Red’s brand will be further enhanced by a forthcoming retail range of its BBQ sauces and rubs in Asda, and a recipe book is due to launch in June.
Craig Bell, Finance Director, Reds True Barbecue, said: “We have benefitted from significant growth over the past few years and are pleased to partner with Santander to take us into the next phase of our development. The funding will not only help to fund the opening of the latest restaurants but the Shoreditch restaurant will provide a strong foothold for expansion in London, making Red’s a truly national player.”
Simon Vallance, Relationship Director, Santander Corporate & Commercial, said: “We are delighted to provide funding to support the growth of such a dynamic and exciting business. Red’s is known for its excellent service and great food and this is testament to the rapid growth of the business. We are very pleased to be a part of this journey. This is one of a number of growth transactions funded by our London team and we continue to be successful in this sector.”
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors
For Red’s True Barbecue media enquiries, please contact James Newman on: 07894 566600
For Santander Corporate & Commercial media enquiries, please contact:
Bijal Tanna 020 7756 4189 Mobile: 07860 259 217
Jonathan Akerman 020 7756 4190 Mobile: 07850 640 770
The Santander Corporate & Commercial press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.
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