Casual dining chain seeks to double turnover as it wins new funding

Reds True Barbecue

Leeds-based Red’s True Barbecue, a fast-growing casual dining restaurant chain selling authentic US barbecue, is to open two new restaurants following a multimillion 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. The team behind the firm have aspirations to grow the firm significantly with turnover forecast to double this year.

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Craig Bell, finance director of 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 of 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.”

Tags : Casual diningfinanceRed's True BarbecueRestaurantSantander Corporate & Commercial
Andrew Seymour

The author Andrew Seymour

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