Wrap it Up! the gourmet wrap concept led by Tayub Mushtaq, has further strengthened its London estate with the acquisition of the three-strong Mexican burrito chain Adobo.
According to the Sunday Telegraph, the acquisition of Adobo is expected to add a further £1m of revenue to the 12-strong group’s annual sales.
Wrap It Up!, which believes it can eventually grow to 100 sites, is set to rebrand the existing Adobo sites in Holdorn, Artillery Row and Crown Passage, near Green Park, over the coming months.
In 2013, the company acquired the three-strong Flying Burrito chain for an undisclosed sum.
The group is currently fundraising through Crowdcube and set out to raise £400k to complete work on a centralised production kitchen in Stratford, east London, to service satellite stores around London.
It is 71% funded so far, raising £285k, with 34 days left of its fundraising. Turnover last year was £3.1m, a 53% increase on the year before.
It will soon open its first regional site in Manchester’s Deansgate area.
The company is currently completing building work on a centralised production kitchen that will have the capacity to serve 100 stores from Stratford in east London.
The production kitchen is expected to be finished later this year and the company is currently in advanced negotiation on four central London sites.
The group has a number of other towns and cities it is looking at as well as considering a cluster of stores in Manchester but stressed the first store will be a trial and no decisions for further expansion will be made until the Deansgate store is trading as expected.
