Bar group says cheers to £3m investment
BAR and restaurant chain Bar Soba is set to open seven further sites following a £3m investment.
The Glaswegian bar chain which opened a site on Merrion Street in Leeds last year has also appointed industry veteran Mohan Mansigani as chairman.
Mr Mansigani was the CFO of Casual Dining Group, the company behind the Cafe Rouge, Bella Italia, Las Iguanas and La Tasca brands, for 12 years. He previously worked as finance director at Costa Coffee and TGI Fridays and in senior finance roles at Grand Metropolitan and Pizza Hut.
Bar Soba will target Scotland and the North of England and is considering sites in Aberdeen, Liverpool, Manchester and Newcastle for immediate expansion.
Founder and CEO Brad Stevens launched the brand at the Edinburgh Festival Fringe in 1997 as a pop-up restaurant and it now has has five sites across Edinburgh, Glasgow and Leeds.
His business, which serves creative cocktails and Southeast Asian street dishes is set to turn over in excess of £6m during the current financial year.
It is receiving the first stage of investment from the Business Growth Fund as it looks to grow to 30 sites.
Brad Stevens, CEO and founder of Bar Soba, said: “I’m really excited about our ambitious expansion plans and that we’ve found the right partner to provide the funding and expertise we need to accelerate our growth.
“Expanding to 12 city centre locations will allow even more drinkers and diners to enjoy our combination of indulgent cocktails, freshly prepared street food inspired by the night markets of South East Asia and music. We have been researching locations we feel will suit the Bar Soba offering but are always open to hear ideas from others.”
Mohan Mansigani, chairman of Bar Soba, said: “I’ve worked with some really vibrant brands during my career and I see many of the same elements in the DNA of Bar Soba.
“Brad Stevens and his team have created bars with a strong personality and a relaxed dining style that runs through all of their venues. I have been very impressed with the food quality and fantastic range of drinks.
“I’m looking forward to working with Brad to help him fulfil his ambitions for the business, which I believe will prove to be just as popular in the North of England and further afield as it has been in its Scottish heartland.”
BGF’s existing UK investments in the leisure and hospitality sectors include Mexican restaurant group Barburrito, tapas brand Camino, and Thai chain Giggling Squid.
Patrick Graham, an investor with BGF heading up activity in the central belt of Scotland and Northern Ireland, said: “Our team at BGF was attracted to Bar Soba’s business model – the bars serve a wide range of unique cocktails all created in-house and fresh Asian food during the day though to the evening, when DJs and other live music add to the atmosphere.
“That combination of the lunchtime trade transitioning through into cocktails and live music means that the outlets are busy throughout the day and night.
“The Bar Soba concept appeals to students and young professionals, which ties in well with the target geographies in the north of England and beyond. BGF looks forward to supporting the business through its expansion.”
