Restaurants’ giant consumes Manchester’s Barburrito in £7m deal
Barburrito, the Didsbury-based chain of burrito bars, has been acquired by The Restaurant Group in a £7m deal.
The food chain first opened in Manchester’s Piccadilly Gardens in 2005, and now boats 16 sites nationwide.
The Restaurant Group (TRG) is one of the UK’s biggest hospitality businesses with a diverse portfolio of well known brands, including Wagamama, Frankie and Benny’s and Chiquito, operating approximately 400 restaurants across the country.
It said it aims to double the number of Barburrito sites to 32 over the next four years.
The sale was settled in cash by TRG following a strategic review and process managed by law firm TLT and finnCap Cavendish.
TLT said the deal involved cross-sector and cross-service expertise and was led by corporate partner Richard Life, supported by Jennifer Murphy (corporate), William Birtwell (leisure and retail), Philip Moran (leisure and retail), Andrew Grethe (leisure and retail), Katie Barclay (employment) and William Ngan (corporate tax).
Morgan Davies, Barburrito founder, said: “TRG are a great operator who we know well, with the firepower to continue to support Barburrito’s growth and development.
“This transaction will allow the business to move to the next stage of its growth within TRG’s strong brand and site portfolio.”
Richard Life, partner at TLT, said: “It has been a pleasure supporting our long standing client, Barburrito, on this transaction .
“This deal reflects positive change for the sector after a period of economic uncertainty over the past few years.
“We are delighted to have been involved in the growth plans of a national award-winning business as they continue to strengthen their position in the UK.”
Barburrito was sold out of administration, in December, 2020, securing more than 270 jobs.
Its chairman, Graham Turner, led the investment, alongside private investors, backing the existing management team of Morgan Davies, founder and chief executive, and Steve Herring, finance director.