Red’s True BBQ, the fledgling Leeds-based operator, has secured funding from the Royal Bank of Scotland to secure a further three sites, as it looks to grow to around 15 to 18 units over the next five years.
The group, which is the brainchild of Scott Munro and Jonathan Douglas, is set to open on the former Livebait site in Manchester next February and is in talks on a further opening for next year.
According to the Yorkshire Post, the concept, which is on course to turnover £3.2m in its first year with EBITDA of c£650k, also received interest from serial investor Luke Johnson in its first six months of trading, but a deal was not forthcoming.
Douglas told the newspaper: “We’d be happy with 12, but I think if we can really ramp it up and get the right people on board then we could do 15 to 18 in five years.
“We’ve got a deal in place that allows us to fund the next two or three restaurants.”
The group also plans to sell its own sauces in its restaurants and online from next year.
