The proprietor of Burger King’s primary UK operation is opening talks with lenders a few main refinancing practically eight years after shopping for the enterprise.
Sky Information has learnt that Burger King UK, which is backed by the personal fairness agency Bridgepoint, is searching for a further £40m of borrowing capability to assist finance the supply of its marketing strategy.
The refinancing, which additionally contains £110m of present debt, is to be mentioned with potential lenders within the coming days.
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Burger King UK owns simply over half of the chain’s practically 600 British shops, with the remainder owned by different franchisees.
Bridgepoint has already dedicated £35m of recent fairness as a part of Burger King UK’s marketing strategy.
The corporate intends to open greater than 30 further eating places and transform 50 of the present property.
Individuals near the corporate stated it was outperforming the broader Fast-Service Restaurant market when it comes to like-for-like gross sales development.
Burger King’s Connoisseur Kings vary has pushed gross sales development in higher-margin merchandise, whereas its worth platform has additionally been rising amongst price-conscious customers, the folks stated.
The chain lately ran a promotion known as Whopper Day to offer away a free burger to prospects who had downloaded the Burger King app.
DC Advisory, the funding financial institution, is working with Bridgepoint and Burger King UK on the refinancing.
The corporate has been linked with a sale or inventory market itemizing previously, though an exit for Bridgepoint isn’t considered imminent.
Spokespeople for Bridgepoint and Burger King UK declined to touch upon the refinancing.
