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Barracuda buys Old Monk sites for £7.8m
Barracuda Group is continuing with its expansion with the acquisition of seven bars from the Old Monk Pub Company, which is currently in administration.
The deal worth £7.8m, will see the transfer of the bars, including the three successful Springbok sites in London, Manchester and Newquay, into the Barracuda group without a significant increase in overhead. ' This is a really high quality package of top end pubs and bars which increase our group turnover by 12 per cent,' says chief executive of Barracuda, Mark McQuater.
Established in 2000, Barracuda now boasts 138 managed pubs and bars with a consolidated turnover approaching £80m. The group plans to open 20 more Smith & Jones and Varsity sites by September 2003. Details +44 (0)845 345 2528
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