Barburrito looks for more cash as roll-out continues

FAST-growing food business Barburitto is looking to raise more funds to expanding the concept nationwide, according to chief executive Morgan Davies.
 
Mr Davies, who founded the chain nine years ago with Paul Kilpatrick, has just taken on the role of chief executive, after the “amicable” departure of Mr Kilpatrick to focus on new opportunities.
 
Mr Davies said: “The business is trading really well, we have 10 stores now and are opening number 11, our third in London, in Holborn in March.
 
“I am talking to our investor Business Growth Fund about raising more funds  – we are well-financed for this year, but I want to push on next year.”
 
Turnover in the year to the end of March 2013 was up 16% to £4.6m, and on the back of new openings and good performance from the existing
restaurants Barburrito is seeing a turnover run rate of £8m.
 
“We have plans for another four sites this year, so I’m expecting another good year of growth.
 
“The response to Barburrito in London has been really positive – Paddington Station is proving to be a great success so far. There is a perception there though that we are a newcomer to the market and people are surprised that we have 10 restaurants in five cities and that Barburitto started the buritto race,” Mr Davies added.
 
The company, which has restaurants in Piccadilly, on Deansgate and in the Trafford Centre in its home city, is recruiting for a full time finance director, and has engaged executive search firm Tindall Perry to find the right candidate.