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Morning Briefing for pub, restaurant and food wervice operators

Fri 22nd May 2015 - ‘Super eight’ industry execs back Red’s True Barbecue
‘Super eight’ industry execs back Red’s True Barbecue: Fast-growing smokehouse concept Red’s True Barbecue has secured £5m of investment to fund expansion with backing from eight senior industry figures. The debt funding and equity investment deal brings together a handpicked consortium of eight of the industry’s most respected CEOs and MDs to help accelerate its aggressive expansion. The ‘Super 8’ includes 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. Debt funding is provided by Santander UK. The funding will be used to support the brand’s 2015 opening plans, including Shoreditch in July, and a further site already secured and in legals. Scott Munro, co-founder at Red’s, said: “We’re two and a half years into an incredible journey. Red’s is still a young company, and to have access to this wealth of advice and knowledge at this stage of our growth puts us in a strong and enviable position. Interest in the brand remains unprecedented – Nottingham sales continue to track ahead of our expectations, whilst Manchester, Leeds and Headingley remain resilient. With our current momentum this funding allows us to bring more true barbecue joy to more believers.” Ian Neill added: “I was hugely impressed by the vibrancy, food quality and high energy experience of Red’s. James and Scott have tapped into the source code of great BBQ and I am delighted to be able to help fund Red’s significant development potential. As they say, let there be meat!” Both Stephen Wall and Aarish Patel are appointed to the board as non-executive directors, joining Brandon Stephens who was made non-executive chairman earlier this year. Red’s has also recently strengthened its management team with the appointments of Matt Snell as operations director, joining from Fuller’s, and Craig Bell as finance director, previously finance director at AIM listed Premium Bars and Restaurants and latterly finance director at Bar and Restaurant operator Ladhar Leisure. Munro added: “This deal will guide us into early next year where we plan to re-look at our options. Our focus remains to open 20 sites within five years. With the team and investors in place we’re firmly on track to become the UK’s largest smokehouse group, and the go-to brand for authentic barbecue in the UK.”

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