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Barracuda to speed up expansion push
Barracuda Group has arranged a £40m loan facility to fund its acquisitions programme of new openings over the next two years.
The pub operator will use £4m of the total Royal Bank of Scotland loan to improve gardens, enhance kitchens and create external drinking areas ahead of the smoking ban.
This is the company’s first financial restructuring since its £262m secondary management buyout in June 2005. Barracuda is now backed by Charterhouse Capital Partners.
In addition, the group has launched its fifth retail brand – called Cape – in Nottingham.
The new £500,000 branded bar – inspired by Cape Town in South Africa – features a colonial-style wine bar with leather booth seating and lounge areas.
Chief executive Mark McQuater said: “Cape is an extension of Barracuda’s portfolio of brands and one that will add a unique point of difference in Nottingham’s city centre. Cape will further complement the business and add a contemporary offer to Barracuda.”
Barracuda already operates four retail brands across almost 200 pubs UK-wide. Details: www.barracudagroup.co.uk
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