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Charterhouse wins bid for Barracuda
Barracuda Group – the pub company behind the Smith and Jones, Varsity and Barracuda Bars chains – has been sold to private equity firm Charterhouse for £262m.
Charterhouse will back the current management team, which is led by founder and chief executive Mark McQuater, who said: “ We look forward to taking Barracuda to the next stage of its development.”
The group – which was created in July 2000 with the acquisition of 35 pubs from Enterprise Inns and £50m funding from PPM Ventures – runs more than 160 pubs and bars in England and Wales.
A spokesperson for Barracuda said that the group had the infrastruture in place to support a significantly larger portfolio and added that it is on track to open 30 units by 2006, with 14 new openings so far this year.
Barracuda was put up for sale in February through investment bank Citigroup. Details: www.barracudagroup.co.uk
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