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Multi-million investment programme launched by Barracuda
Pub group Barracuda has embarked on a multi-million pound investment programme, following the successful refinancing of its equity and debt structure earlier this summer.
The company has said that it will complete 22 major projects between August and December 2009 ahead of the key Christmas and New Year period. Two new-look Varsity trial refurbishments are included, plus the roll out of the new 'Smith & Jones' format, which is reported to have been highly successful in the trial sites it was put into earlier this year. One of these was Hereford's The Imperial, a Grade II-listed pub whose new design includes contemporary furniture, flooring, soft furnishings and redesigned outside spaces.
Mark McQuater, Barracuda's chief executive said: "The successful refinancing arrangement has allowed us to deploy significant cash flow into our existing estate ensuring our Smith & Jones and Varsity pubs remain market leaders. "Pubs are either receiving our upgraded brand investment or are changing brand where a shift in demographics has created new opportunities."
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